Nifty ends flat as RBI keeps repo rate unchanged

05 Apr 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Friday’s trading session on flat note amid the Reserve Bank of India's (RBI) monetary policy decision. Besides, hawkish comments from Fed officials spurred concerns about the outlook for inflation and interest rates. Index made a negative start, as traders were cautious with ICRA’s report stating that growth of the Indian Securitisation market is set to slow this fiscal year keeping the trend witnessed in the last quarter of fiscal 2024 as non-banking finance companies and banks get into co-lending reducing the demand for such papers. Meanwhile, the Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from April 1, 2024 onwards. This is for the first time in recent times, that the Income Tax department has enabled taxpayers to file their Returns on the first day of the new financial year.

However, in late morning session, index erased most of its losses and traded near neutral line, as traders got some encouragement with the United Nations’ statement that India has become the world’s fastest-growing major economy in 2023 amid strong household consumption and public investment in infrastructure. Traders took note of report that Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the consumption is likely to support economic growth in 2024-25, adding that urban consumption stayed buoyant. He said the resilience in cement production, together with strong growth in steel consumption and production and import of capital goods, augur well for the investment cycle to gain further traction. Finally, index ended on flat note.

Traders were seen piling up positions in Realty, Bank and Financial Services stocks, while selling was witnessed in IT, Media and Auto. The top gainers from the F&O segment were Indraprastha Gas, SBI Cards and Payment Services and ICICI Lombard General Insurance Company. On the other hand, the top losers Birlasoft, Dalmia Bharat and Grasim Industries. In the index option segment, maximum OI continues to be seen in the 22900 - 23100 calls and 21900 - 22100 puts indicating this is the trading range expectation.

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Nifty ends flat as RBI keeps repo rate unchanged

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