Trade Setup For April 6: All Eyes On Mpc Decision After Nifty 50 Surges 600 Points In Four Sessions

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Speaking about gcse business studies business ownership factors, RBI Governor Das said that the global economy facing a renewed phase of turbulence. “We are witnessing unprecedented uncertainties in geopolitics and economy. Bank failures and contagion risks are forcing central banks to take additional notice,” Das said on Thursday. U.S. stocks lost ground on Wednesday and Treasury yields extended their decline as a batch of data fueled worries that restrictive central bank policies could push the global economy into recession. The Dow Jones Industrial Average rose 0.24%, the S&P 500 lost 0.25% and the Nasdaq Composite dropped 1.07%.

MPC Overview

Besides what will be the RBI’s seventh consecutive rate hike as it battles to tame inflation, investors will also watch for commentary on the central bank’s policy stance and future hikes. In the Indian context, that accounts for a small part of the consumer basket. One could argue equally for a pause, particularly since growth is expected to slow down, as we have seen from the World Bank estimate of growth for India in this fiscal.

Marathon Petroleum Corp share price live 122.42, this page displays NYSE MPC stock exchange data. View the MPC premarket stock price ahead of the market session or assess the after hours quote. Monitor the latest movements within the Marathon Petroleum Corp real time stock price chart below. You can find more details by visiting the additional pages to view historical data, charts, latest news, analysis or visit the forum to view opinions on the MPC quote.

Our research team is composed of some highly qualified research professionals, their expertise range across sectors. “The Bank Nifty index ahead of the RBI policy continued its strong momentum and ended on a high note. The index next hurdle on the upside stands at the 41,500-41,600 zone which can act as a profit-booking zone for the short term. The index, however, surpassing those levels on a closing basis, can extend the rally towards 42,000/42,500 levels. The lower-end support is visible at the 40,600-40,500 zone, which will cushion the bulls,” said Rupak De, Senior Technical Analyst, LKP Securities. Stocks in Asia-Pacific traded mixed as Japan’s Nikkei 225 tanked 1.11% and Hong Kong’s Hang Seng index declined 0.18%.

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Since then, it has either been downhill or an upmove has tapered off in three days. I think the stance should be one of heightened alertness in the face of emerging inflationary risks. Inflation or at least projected inflation would have to fall much closer to the target for the MPC to have the headroom to act against a growth slowdown. Barring Axis Bank and Federal Bank, all other stocks in the Nifty Bank basket were in the green. Stocks such as PNB, and Bank of Baroda were each up 1 per cent, followed by IDFC First Bank, IndusInd Bank and Bandhan Bank each up between 0.5-1 per cent intraday today after RBI surprised the Street.

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RBI MPC Meet 2023: MPC unanimously votes to keep repo rate unchanged at 6.5%

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China’s Shanghai Composite traded flat, lower by 0.02% while the Shenzhen Component lost 0.03%. A combination of HDFC twins and index heavyweights ensured the Nifty 50 index gained for the fourth day in a row on Wednesday. The index has now gained over 600 points during the last four trading sessions. The wheat crop looked promising until early March when the weather became unfavourably hot. “Now, rains and hail have flattened the crop. It’s a double whammy for us,” Ramandeep Singh Mann, a farmer in Punjab, told PTI. Some experts believe the unseasonal rains could just affect the quality of the crop instead of bringing down the output.

It is also true that, should inflation come down sharply, then the RBI would obviously be inclined to be more liberal in cutting rates from these levels. However, the risk in this approach is that it becomes too reactionary and does not give a good picture to the markets about what is the long term strategy of the RBI and the government on rates. RBI has highlighted that the pause in rates should not be construed as the end of the rate hike cycle, but things may not he as simple as that. Hiking rates has a cost in that it increases the cost of funds in the economy, raises the borrowing costs and also depresses valuations of equity.

This is the first meeting of the Monetary Policy Committee in the new fiscal. The Reserve Bank of India on Thursday hit the pause button and decided to keep the key benchmark policy rate at 6.5 per cent even as inflation is trending above its tolerance level. The rate hike has been paused after six consecutive rate increases aggregating to 250 basis points since May 2022.

According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit . During the F&O ban period, no new positions are permitted for F&O contracts in that stock. Here’s a look at the 9 key things to know before the share market opens on Thursday.

By using this site, you are agreeing to security monitoring and auditing. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools. Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until action is taken to declare your traffic. “The present sharp upside bounce is likely to negate the bearish chart pattern of lower tops and bottoms on the daily chart . The overall chart pattern is getting stronger as per smaller and longer term charts like daily and weekly. The short term trend of Nifty continues to be positive and we expect this upside momentum to continue in the coming sessions.

Bank Nifty View

For the RBI, the pause was an experiment but also a mid-way compromise between the demands of macroeconomics and the demands of the industry. The pause may not be the end of the rate hike, but the RBI would surely need a very strong base case to get hawkish all over again. The RBI MPC meeting will conclude on Thursday, following which, the RBI Governor Shaktikanta Das will announce if there is a change in the regulatory body’s stance as well as the repo rate.

Mythili Bhusnurmath, Consulting Editor, ET Now, says that it is going to be a tough call. This looks like good reactionary approach but the RBI also realizes that the need of the hour is not just to react but to pre-empt. While it is true that the rates would eventually be data driven, the above statement does not really give confidence to the markets about what the RBI and the government proposes to do. Of course, it is true that if inflation becomes too much of a problem then the RBI may again turn hawkish.

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These were already beginning to manifest in various forms, which is why the RBI was worried. We also look at the likelihood of each of the scenarios from a pragmatic standpoint. All eyes are now on the monetary policy decision and dealers suggest that the street has priced in a 25 basis points rate hike. RBI MPC has taken a pause and kept the repo rates unchanged, against the majority market view, Sandeep Bagla – CEO, Trust Mutual Funds. He added that the stance remains unchanged at the enigmatic ‘withdrawal of accommodation’.

For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. Get live Share Market updates and latest India News and business news on Financial Express. The last instance of the Nifty 50 index gaining for four straight sessions was last year, when it gained for eight days in a row between November 22 to December 1, during which it made its all-time high of 18,888.

• The RBI MPC meeting will conclude on Thursday, following which, the RBI Governor Shaktikanta Das will announce if there is a change in the regulatory body’s stance as well as the repo rate.
• By Davit KirakosyanInvesting.com — Here is your Pro Recap of the biggest share-buyback announcements from the past week you may have missed on InvestingPro.
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• During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
• The bottom line is that the potential for rates to flatten or taper from here is much more than the probability that rates would go higher from here.
• “The present sharp upside bounce is likely to negate the bearish chart pattern of lower tops and bottoms on the daily chart .

Secondly, India had erratic monsoons in the last couple of years and that has given rise to bouts of food inflation. None of the MPC members are really confident about flat or lower rates in the foreseeable future. The first meeting of the Monetary Policy Committee in the new fiscal year is expected to be a tough call as inflation, growth and financial stability have to be balanced. The broad market view seems to be in favor of a 25 bps hike in interest rates as inflation is still very high in India. However, two of the three external members of the committee are in favour of a pause.

Technical View

Since May last year, the central bank has increased the rate by 250 bps over inflation concerns. RBI governor Shaktikanta Das on Thursday said the repo rate has been kept unchanged on basis of macroeconomic and financial conditions. It said the RBI would raise its main interest rate by 25 basis points and then pause for the rest of the year. Economists at Goldman Sachs expect the RBI to raise rates by 25 bps to take the repo rate to 6.75 per cent. “With considerable uncertainty around the commodity prices path and global growth, the RBI is likely to retain the tightening policy stance,” it said.

Just write the https://1investing.in/ account number and sign in the application form to authorise your bank to make payment in case of allotment. Liquidity management is outside the remit of the MPC partly because, under ideal conditions, liquidity is orthogonal to monetary policy per se. Providing liquidity at or above the repo rate does not in principle impede monetary transmission. The outlook is adverse for summers when weather experts expect abnormally high temperatures.

Hindustan Unilever reported a 10% rise in profit and an 11% growth in sales in the March quarter, saying the rural slowdown is bottoming out but price reductions to boost demand can only happen once inflation slows further. Oil cartel OPEC+ announced a surprise output a few days ago, jolting policymakers. The looming impact reverberated across asset classes as it fuelled fears of further inflationary pressures. The unseasonal rains and hailstorms in many parts of India recently have damaged crops, exposing thousands of farmers to losses and raising the risk of further food price inflation.

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India’s major chunk of wheat-producing areas including Punjab, Haryana, Uttar Pradesh and Madhya Pradesh, saw rains flattening crops in many parts. Economists from Barclays, Deutsche Bank, Care Ratings, Bank of Baroda, DBS, Kotak Mahindra Bank and Yes Bank expect a 25 bps increase on Thursday and a pause after that. Catch the latest updates on the firstRBI policy reviewof the new financial year. Bagla expects both GDP and inflation to be significantly below RBI’s year-end estimate of 6.5 per cent and 5.2 per cent, respectively.

• Stocks in Asia-Pacific traded mixed as Japan’s Nikkei 225 tanked 1.11% and Hong Kong’s Hang Seng index declined 0.18%.
• That is a situation that the RBI and the government would want to avoid.
• The latest cut could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners told Reuters.
• Marathon Petroleum Corporation is listed on the NASDAQ stock exchange.
• A combination of HDFC twins and index heavyweights ensured the Nifty 50 index gained for the fourth day in a row on Wednesday.

We will have to wait and see what the RBI governor decides, because ultimately despite the MPC, it’s the governor’s call. That is exactly what the RBI has said, but things may not be as simple as that. For instance, even before the RBI MPC meet, the trade bodies like CII and the FICCI had been urging the RBI governor to go slow on rate hikes. Firstly, it had led to a sharp fall in the net profit margins of the Indian companies. In addition, the interest coverage ratio and the debt coverage ratio were also deteriorating. That is a solvency issue and it could have larger repercussion on the rating of Indian companies.