Thank you, readers! That's all from CNBCTV18.com's live market coverage on June 8, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Inflation a reality we have to live now: Dinesh Kumar Khara
SBI Chairman Dinesh Kumar Khara tells CNBC-TV18 that in his view, the action taken by RBI is being perceived as timely and should help the economy on an overall basis.
Sensex and Nifty50 finish volatile day in the red after RBI’s 50-bps rate hike
Here are some highlights:
--Sensex and Nifty50 fall for 4th straight day
--Reliance, ITC, ICICI Bank drag Nifty
--SBI, TCS, Bajaj Finance support the index
--Bharti Airtel top Nifty loser on reports related to 5G spectrum auction
--SBI Cards among top midcap gainers after RBI allows UPI-credit card linkage
--Titan rises one percent on development with respect to Tidco stake in company
--Metal stocks rise on China reopening — Tata Steel top Nifty gainer
--Gujarat Gas falls 12 percent in 2 days on concerns over aggressive pricing policy for Morbi
--ICICI Lombard falls though off day's low after large trade
--Deepak Nitrite slides five percent on reports of Gujarat issuing closure notice for Nandesari unit
--Sugar stocks fall after ISMA raises output estimate for current year
--Market breadth favours bears — advance-decline ratio at 2:3
Large Trade | ICICI Lombard shares worth Rs 408 crore change hands
A total of 36.8 lakh ICICI Lombard shares — representing 0.75 percent of the company's equity — worth Rs 407.8 crore change hands.
ICICI Lombard shares are down 2.7 percent at Rs 1,122 apiece on BSE, after falling as much as 4.2 percent to Rs 1,104 earlier in the day.
RBI's change in view has taken market by surprise: Ladderup Wealth Management's Raghvendra Nath
Raghvendra Nath, Managing Director at Ladderup Wealth Management, is of the view that the RBI's change in view from being 'accommodative' to a more hawkish tone followed by the latest rate hike has taken the market by surprise.
"Somewhere it makes us wonder whether the RBI knows more than they are letting on in their statement. This surprise move by the RBI has dampened the market mood and may impact the divestment target of the government,” he adds.
RBI has done well to focus on growth in last 2 years: Srikanth Subramanian
Srikanth Subramanian, CEO-Designate, Kotak Cherry said, "We believe inflation control is an equally important task for the central bank and current bottlenecks on supply chains & higher crude oil prices makes inflation truly Global." He praised RBI for focusing on growth "on back of Covid". He added that the central bank "is now playing an equally important role to ensure Indian consumers interests are protected by curbing inflation." He believes that there will be further hikes. "As of now Investors can take advantage by locking their investment in medium term good quality bonds and hold it till maturity," he said.
RBI's optimistic with its GDP projection: MarketsMojo's Mohit Batra
Mohit Batra, Founder and CEO of MarketsMojo, says the RBI's inflation projections are along line with expectations. "We expect more rate hikes from the RBI in the coming months. While predicting inflation, the RBI has assumed crude at $105 per barrel from its previous estimate of $100 per barrel. Right now, crude is trading at $120 per barrel. Therefore, there is a high probability that the inflation number may get revised upwards in the coming monetary policy," he adds.