Shares of Bajaj Finserv and Bajaj Finance were among the top two gainers in Nifty 50 on Friday’s session following the Bajaj Finance board’s approval of a Rs 10,000 crore fundraising plan, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.
Nifty closed on a positive note — gaining 100 points to close at 19,653 — as most of the sectoral indices closed in green. Nifty Pharma and Nifty IT outperformed all other indices on Friday with gains of 0.71 per cent and 0.67 per cent, respectively.
In order to meet its medium-term inflation objective of 4 per cent, the RBI maintained the status quo and left the repo rate at 6.5 per cent. This is the fourth time in a row that the RBI has kept the repo rate unchanged.
The Indian economy has showed resilience, and the overall macroeconomic indicators, including the manufacturing and services PMI numbers, continue to be positive, according to the RBI. Additionally, 5.4 per cent (unchanged) retail inflation is predicted for FY24.
The cap on gold loans issued by urban cooperative banks has been increased by the RBI from 2 lakh to 4 lakh. RBI may engage in OMO sales as a means of managing liquidity. These factors increased market optimism, Vidwani said.
Bajaj Finserv, Bajaj Finance, Titan Company, IndusInd Bank, and Tata Consumer Products were among the top Nifty gainers on Friday, while the losers on the Nifty were HUL, ONGC, Coal India, Bharti Airtel and Asian Paints.
Vinod Nair, Head of Research at Geojit Financial Services, said the risk of higher inflation led the RBI to become more realistic in their policy approach. The central bank maintained a hawkish tone on liquidity management, as they may consider OMO to contain liquidity in the system, which led to India’s 10-year yield inching higher.
The market, however, reacted positively, as the status quo on the growth rate and a further drop in oil prices provided near-term support.
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