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Tuesday, 30 September 2014

Nifty hits 8000, Sensex rises 200 pts post RBI policy

12:40pm Gold Update
Gold held steady above a nine-month low as Asian equities remained unsettled by political unrest in Hong Kong, but was poised to post its sharpest monthly loss since June 2013 as a rapid climb in the dollar dimmed its appeal. 

The precious metal is down about 5.5 percent for the month after hitting a nine-month low of USD 1,206.85 last week. Gold is also on track to post its first quarterly loss of the year, though it is still up about 1 percent for the year.

 Spot gold edged up USD 1 to USD 1,216.71 an ounce by 0627 GMT, after dipping in the last two sessions, reports Reuters. 

12:30pm Market Check
Equity benchmarks extended rally in afternoon trade with the 50-share NSE Nifty hitting 8000 level supported by banking and financials, auto, capital goods and pharma stocks. 

The index climbed 59.60 points to 8018.50 and the 30-share BSE Sensex rose 214.69 points to 26811.80. The broader markets gained 0.9 percent. About 1549 shares have advanced, 983 shares declined, and 100 shares are unchanged.

 12:15pm Expert on RBI policy

 The Reserve Bank of India left policy rates unchanged. "The main reason behind this is that RBI is holding the job of maintaining the credibility of the processes like anti-inflation process while keeping in the consideration quite a lot of currency pressure," said Rohit Gadia, founder and CEO, CapitalVia Global Research.

 "RBI has set a glide path for CPI inflation at 8 percent by January 15 and 6 percent by January 2016. So RBI can raise interest rate even in the next review if they see that CPI numbers are going out of ease," he added. 

12:00pm Market check
Equity benchmarks gained strength in noon trade with the Sensex rising 92.19 points to 26689.30 and the Nifty advancing 22.85 points to 7981.75 after the Reserve Bank of India kept policy rates unchanged. Auto, healthcare, capital goods and HDFC twins supported the market while technology and FMCG stocks remained under pressure.

 The broader markets extended gains with the BSE Midcap and Smallcap indices rising 0.8 percent each. Advancing shares outnumbered declining ones by a ratio of 1473 to 975 on the Bombay Stock Exchange.

 The Reserve Bank of India maintained status quo on all rates (be it repo rate, cash reserve ratio or statutury liquidity ratio) in today's policy meeting. The apex bank expects inflation to dip to 6 percent by November but that may climb back to 8 percent by January-March 2015. 

Auto stocks like Maruti Suzuki, Bajaj Auto and Hero Motocorp gained 1-1.8 percent followed by Tata Motors with 0.4 percent upside while HDFC and HDFC Bank were up 2.6 percent and 0.4 percent, respectively.

 Drug makers Sun Pharma, Cipla and Dr Reddy's Labs climbed 1-1.6 percent. L&T advanced 1.7 percent on bagging orders worth Rs 1,423 crore in September. More information please visit this site

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