Last Update: Apr 07, 2023, 07:00 AM IST
The Indian stock market is closed on Friday due to the public holiday of Good Friday. Moreover, the indices will remain closed next week on April 14 to mark the birth anniversary of Dr BR Ambedkar.
According to the BSE website, Equity Derivatives Segment, Equity Segment, SLB (Securities Lending and Borrowing) Segment, Currency Derivatives Segment and Interest Rate Derivatives Segment will also remain closed on these three days. Today, the Multi Commodity Exchange (MCX) will remain closed during the morning session today but it will open for the evening session at 5 PM.
Equity markets on Thursday cheered the surprise pause of rate hike by the Reserve Bank of India (RBI) with both Sensex and Nifty ending in the green.
Sensex and Nifty gained 0.39 per cent each, led by gains in banking and financial stocks. Bajaj Finance rose 2.1 per cent, State Bank of India and IndusInd Bank 1.8 per cent each, Bajaj Finserv rose 1.4 per cent. L&T advanced 1 per cent after Jefferies India maintained buy rating and raised the target price by 22 per cent.
The Reserve Bank of India (RBI) has kept rates unchanged and revised its inflation projections, estimating the Consumer Price Index (CPI) to average 5.2 per cent in FY24, up from an earlier estimate of 5.3 per cent Minor improvement. The RBI also highlighted the economy’s resilience and projected the gross domestic product (GDP) to grow at 6.5 per cent for FY24, marginally higher than the earlier estimate of 6.4 per cent.
“In our view, this reflects a forward-looking monetary policy that takes into account the elevated global growth risks, the under-control inflation trajectory, and the need to wait-and-see and assess the impact of swift policy action already delivered Is. However, if the macro conditions change, RBI has kept the door open for further action, which is also in line with our expectations. We maintain our view of policy pause and rate cut of 75 bps from October,” said Aurodeep Nandy, India Economist and Vice President at Nomura.
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