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Stock Market Highlights: Sensex ends 89 pts higher and Nifty almost at 17,400 after RBI rate hike

Stock Market Highlights: Sensex ends 89 pts higher and Nifty almost at 17,400 after RBI rate hike

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Summary

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 managed to finish in the green on Friday though off day's highs, after the RBI announced a hike in the repo rate — the key rate at which it lends money to commercial banks — that was bigger than what the Street had expected. This takes the total raise in the COVID-era rate to 140 basis points. Broader markets were a mixed bag, with the Nifty Midcap 100 rising 0.2 percent but its smallcap counterpart slipping 0.1 percent. Interest rate-sensitive stocks — or stocks from spaces likely to be impacted by changes in interest rates — saw mixed moves after the RBI's policy action.

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Investors should look at banking space, credit growth beginning to improve: Anand Tandon 

Market expert Anand Tandon suggests investors to look at the banking sector. "Credit growth is beginning to improve and balance sheets are much clearer. So it is better to look for normal banks that can participate in loan growth and show an increase in earnings," he tells CNBC-TV18.

"There are many low hanging fruits in the banking sector. SBI has done exceedingly well and Bank of Baroda is catching up. I would prefer to have companies that have diversified portfolios rather than just be focused on one particular sector,” Tandon adds. 

Rupee ends higher at 79.24 vs dollar

On Thursday, it had settled at 79.47 against the greenback.

Market At Close | Sensex and Nifty50 hold on to the green though off day's highs

Here are some highlights:

--SBI sees profit booking ahead of earnings on Saturday

--Titan rises after operational beat 

--Bharti Airtel rises one percent ahead of results on Monday

--Shree Cement and UltraTech rise following in-line earnings by Dalmia Bharat

--Mnappuram jumps six percent after better-than-expected earnings

--NBCC, IndiGo, Tata Communications, NMDC, Muthoot Finance top midcap gainers

--Balkrishna Industries falls seven percent as earnings miss estimates

--GAIL falls five percent as brokerage downgrades stock to 'sell' after earnings

--Balrampur Chini extends losses to second day after earnings miss estimates

--Market breadth favours the bulls — advance-decline ratio at 5:4

Large Trade | NMDC shares worth Rs 192 crore change hands

A total of 1.7 crore NMDC shares — representing 0.6 percent of the company's equity — worth Rs 192 crore change hands at Rs 111.35 apiece. 

Rolex Rings profit rises 64% to Rs 50 crore in April-June

Its revenue increased 26.2 percent on a year-on-year basis to Rs 286 crore, according to a regulatory filing.

The company's margin, however, slipped to 22.3 percent from 23.6 percent in the year-ago period.

The Rolex Rings stock slipped into the red after the earnings announcement. Rolex Rings shares fell as much as three percent to Rs 1,736.1 apiece on BSE, having climbed to as high as Rs 1,855 earlier in the day. 

Market off day's highs but ICICI Bank, Infosys and UltraTech help headline indices stay in the green

Titan shares extend gains after earnings announcement

Titan clocks better-than-expected 13-fold jump in quarterly profit to Rs 793 crore

M&M profit jumps 67% to Rs 1,430 crore, almost in line with Street estimates

Mahindra & Mahindra shares slip into the red after auto major's quarterly revenue misses Street estimates

M&M reported revenue of Rs 19,613 crore for the April-June period. Analysts in a CNBC-TV18 poll had estimated its quarterly revenue at Rs 19,822 crore. 

Force Motors total sales rise 26.3% to 2,299 vehicles in July

RBI may follow up with 35-50 bps hike in next policy review: Ajay Srivastava 

Ajay Srivastava of Dimensions Corp Finance Services tells CNBC-TV18 that the latest RBI policy is great. "The RBI Governor is now really getting on to the task of getting inflation under control. He has not mentioned it but I think in the back of his mind, he knows that the next level after commodity inflation will come what's happening the West... wage push inflation. A follow up hike will be the ideal thing to do," he says. 

EasyTrip and SpiceJet in the green

The agreement involves selling of air tickets in Thailand.

RBI may not be very aggressive in subsequent policy meetings: Motilal Oswal

Motilal Oswal, MD and CEO at Motilal Oswal Financial Services, says that despite Friday's hike in the repo rate, the RBI expects inflation to remain above its comfort zone. 

"We believe that commodity prices have cooled off including crude oil, and inflation may be peaking out," he adds.