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Today nifty
ended higher for the second consecutive April 4th, driven by bank names
following news of the merger of HDFC and HDFC Bank. To close, the Sensex was up
1,335 points to 60611 & the nifty was up 382 point. at 18,053.
Approximately 2534 stocks are up 796 stocks are down & 118 stocks are flat.
HDFC Bank, HDFC, Adani Ports, HDFC Life and Kotak Mahindra Bank were among the
top nifty winners. Infosys, Titan Company and Tata Consumer Products were the
biggest losers. All industry indices ended in the green with bank, metals, energy
up 2-3%. The Midcap & Smallcap indices were each up 1%. Central banks
around the world have started raising interest rates to curb inflationary
pressures.
However, India has so far maintained a more accommodating policy.
Retail inflation in India rose to an 8-month high of 6.07% in February 2022,
outside the RBI's 4-6% target range. At the last MPC meeting, the RBI largely
attributed high inflation to supply-side pressures and may therefore be
interested in maintaining more accommodative policies at this time. Tightening
monetary policy can help dampen demand, but not increase supply. With the US
announcing a massive release of the country's strategic oil reserves and Russia
offering crude oil to India at a big discount, there is likely to be renewed
optimism on inflation.
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