| Equity indices further extended gains and hit fresh intraday high in afternoon trade. The Nifty marched towards the 17,450 level. Investors cheered the RBI Monetary Policy Committee (MPC)'s decision to keep the key interest rates unchanged.
At 13:22 IST, the barometer index, the S&P BSE Sensex, jumped 939.41 points or 1.63% at 58,573.46. The Nifty 50 index surged 267.70 points or 1.56% at 17,444.20.
In the broader market, the S&P BSE Mid-Cap index rose 1.24% while the S&P BSE Small-Cap index gained 1.5%.
The market breadth was strong. On the BSE, 2,379 shares rose and 822 shares fell. A total of 136 shares were unchanged.
COVID-19 Update:
According to the Union Health Ministry data, India's active cases declined to 93,733, the lowest in 555 days. The death toll due to the disease has climbed to 4,73,952, with 195 daily fatalities being recorded, according to the data.
The Omicron variant appears to be no worse than other coronavirus strains, top scientists from the WHO and the United States told the media, while cautioning that more research is needed to judge its severity.
Economy:
The Reserve Bank of India (RBI) kept the policy repo rate unchanged while maintaining its accommodative stance after the conclusion of the Monetary Policy Committee (MPC) meeting today, 8 December 2021.
RBI kept repo rate unchanged at 4% and maintained an accommodative stance. Reverse repo rate stands at 3.35%. The Marginal Standing Facility (MSF) rate is at 4.25%. The MPC said the policy stance will remain "accommodative" until there is sustainable recovery in the economy. The RBI maintained the FY22 GDP growth forecast at 9.5%. It retained CPI inflation projection at 5.3% in 2021-22.
Gainers & Losers:
Bajaj Finance (up 2.97%), Bajaj Finserv (up 2.78%), Grasim Industries (up 2.64%), ICICI Bank (up 2.61%) and SBI (up 2.44%) were top gainers in Nifty 50 index.
HDFC Life Insurance Company (down 1.3%), PowerGrid Corporation of India (down 0.58%), Divi's Laboratories (down 0.47%) and Kotak Mahindra Bank (down 0.29%) were top losers in Nifty 50 index.
Stocks in Spotlight:
Power Mech Projects rose 0.14%. The company received a letters of intent (LoI) for projects worth Rs 454.19 crore from BHEL. The first project comprises of balance civil and architectural works of the main plant area and various buildings, watch towers, patrol roads & drains outside BTG area of unit 1 & 2 and structural works of unit-2 at 2x660 MW Udangudi Super Critical Thermal Power Project. The second project involves civil, structural & architectural works (including piling works) for FGD system area of 4 X 210 MW, stage-I and common system, Kahalgaon STPP, Bihar.
Alembic Pharmaceuticals gained 2.32% after the company announced that it has received tentative approval from the USFDA for selexipag tablets. The tentatively approved ANDA is therapeutically equivalent of Uptravi Tablets of Actelion Pharmaceuticals. Selexipag Tablets are indicated for the treatment of pulmonary arterial hypertension (PAH) to delay disease progression and reduce the risk of hospitalization for PAH. According to IQVIA, selexipag tablets have an estimated market size of $461 million for twelve months ending September 2021.
ABB India added 1.83% after the company announced partnership with Indore Smart City Development (ISCDL) for deploying digital technology that enables the continuous supply of electricity to homes and businesses.
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