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Stock Market Live Updates: Sensex opens nearly 300 points higher, Nifty at new high ahead of RBI policy; all sectors positive: To watch RIL

Stock Market Live Updates: Indian indices opened higher with Nifty touching another record high on Thursday ahead of the RBI Monetary policy due tomorrow. In the policy, RBI is expected to maintain status quo and focus on economic growth while keeping an eye on the inflationary pressure. Broad-based gains were witnessed across sectors with metals, IT and financials leading. Meanwhile, Asian shares were a touch below a recent three-month top on Thursday with China a tad weaker as investors weighed inflation concerns.

“India is the best performing large market since the crash of late March 2020. This outperformance, when many developed economies are doing well and we are in a serious economic crisis, is paradoxical. Even though it can be rightly argued that the organised sector, which the market represents, is doing well, the fact remains that valuations are very high.  Of course, the economy is set to rebound in the last 3 quarters of FY 22 and corporate profits are likely to rise smartly. Even discounting these positives, valuations are stretched. Trading by the exploding number of retail investors (record 14.7million Demat accounts added in FY21) is playing an important role in this rally. Bull markets can surprise on the upside and therefore it makes sense to remain invested in this market. Bank Nifty has further room to go up. Investors should remember that at high valuations corrections will happen any time”

Opening bell: Sensex opens nearly 300 points higher, Nifty at new high ahead of RBI monetary policy; all sectors positive

Indian indices opened higher with Nifty touching another record high on Thursday ahead of the RBI Monetary policy due tomorrow. In the policy, RBI is expected to maintain status quo and focus on economic growth while keeping an eye on the inflationary pressure. Broad-based gains were witnessed across sectors with metals, IT and financials leading. At 9:18 am, the Sensex was up 296 points at 52,146 while the Nifty rose 117 points to its new high of 15,693. On the Nifty50 index, Infosys, RIL, Powergrid, Wipro and Hindalco were the top gainers while Tech Mahindra, Bajaj Auto and SBI Life were the only stocks in the red. Broader markets were also higher in early deals with the midcap index up 0.7 percent and smallcap index up 1 percent.

On Motherson Sumi

An analyst says  –“I think you have to play the best in the sector then you have to pay top dollar. I don’t see much downside because this has been the star performer and it is telling you that OEMs are just starting their play. Motherson Sumi continues to be one of the best plays on the OEMs.”

On RIL

We  haven’t seen a 12 percent move in three days in a long time. It tells us that you are not even looking at the petchem, all you are getting swayed was on the Jio and the retail side. They still are one of the largest players there. If Indian Oil has moved 22 percent, RIL is a big daddy. So I think maybe in the short run it has moved to where it is. The picture is looking very overbought on the largecaps, so you have to be cautious there. There was some blood-letting on the midcaps because of the RIL move, but I continue to think that if we are going to the 16,000 mark on the Nifty, RIL has to go to Rs 2,500.

Muthoot Finance Q4 net profit up 22% at Rs 996 crore

Gold loan finance company Muthoot Finance Ltd (MFIN) on Wednesday reported a 22 percent jump in standalone profit after tax at Rs 996 crore for the three months to March 2021. The company had posted a standalone profit after tax of Rs 815 crore in the year-ago period. For the full year, the standalone net profit rose by 23 percent to Rs 3,722 crore as against Rs 3,018 crore in FY20. “We have seen good business growth during the last year, especially in the second and the third quarters. After the pandemic, there was a lot of demand for gold loans. Everybody wanted to restart their business and wanted quick funding, which is why the demand for gold loans grew,” its managing director George Alexander Muthoot said.

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