Due to the Good Friday holiday, the Indian stock market is closed on Friday. Moreover, the indexes will be closed on April 14 of next week to commemorate Dr. BR Ambedkar’s birth day.
According to the BSE website, all trading in the equity derivative, equity, SLB (Security Lending and Borrowing), currency derivatives, and interest rate derivatives segments would be suspended on the aforementioned three days. The Multi Commodity Exchange (MCX) will be closed for the morning session today but will open for trading in the evening at 5 p.m.
Both the Sensex and Nifty ended in green on Thursday, as equities markets celebrated the Reserve Bank of India’s (RBI) unexpected halt to rate increases.
Sensex and Nifty both increased by 0.39 percent, driven by increases in equities related to banking and finance. Bajaj Finance increased by 2.1%, State Bank of India, Indusind Bank, and Bajaj Finserv increased by 1.4% apiece. When Jefferies India maintained a buy recommendation and raised its target price by 22%, L&T gained 1%.
The Consumer Price Index (CPI) is expected to average 5.2 percent in FY24, which is a little improvement from the previous forecast of 5.3 percent. The Reserve Bank of India (RBI) has maintained rates at their current levels and updated its inflation estimates. The GDP is expected to rise at a pace of 6.5% in FY24, which is somewhat faster than the prior projection of 6.4%, according to the RBI, which also emphasized the economy’s resiliency.
“From our perspective, this represents a forward-looking monetary policy that recognizes higher global economic risks, an inflation trajectory that is under control, and the need to wait-and-watch and analyze the effect of the severe policy tightening already delivered. In accordance with our predictions, the RBI has left the door open for more action if the macroeconomic environment changes. Aurodeep Nandi, India Economist and Vice President at Nomura, said, “We retain our estimate of a policy pause going forward and 75bps of rate decreases beginning in October.