In almost the same words used recently by Reserve Bank of India Governor Shaktikanta Das, Nomura said that sticky core inflation is a policy challenge in the coming months.
In the international market, gold trading lower at USD 1,862 per ounce and silver flat at USD 25.18 per ounce.
Pharma, IT and FMCG stocks were in great demand while metals lost their sheen. However, much of the spotlight was stolen by fresh issues that debuted on bourses today.
“Ours is a very asset light model in which through merchants and through mobiles, we are able to connect to millions of customers. We also offer a very unique subscription product on our savings account and current account where the customer has to pay a fixed amount for the year and he continues to get full service throughout the year.â€
While buying interest was visible in consumer durables and healthcare stocks, the metals and PSU banks bled.
“We will do the full range of electric vehicles. We have right now launched with the S1 and Pro which are the first in our range of scooters. We are obviously going to do a mass market scooter also. We are also going to do bikes.â€
Earlier this month, MSCI added Zomato stock to one of its indices. FTSE Russell is likely to do the same. The inclusion in the indices of the two global index aggregators is likely to cause inflows of around Rs 2,000 crore over the coming weeks.
Analysts said a small negative candle was formed with an upper shadow. This indicates the presence of crucial overhead resistance at 18,150-18,200, as per the concept of change in polarity.
The Nifty Pharma index closed 1.45 per cent up at 13974.35.
“While QE tapering has commenced rather uneventfully and should conclude by mid-2022, our economists do not expect the first rate hike to come until 1Q23,†the brokerage firm said in a recent report.
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