Stock Market LIVE: Sensex, Nifty gain as RBI keeps repo rate unchanged

SpiceJet will partner with FTAI Aviation Ltd. (Nasdaq: FTAI), a leading aftermarket provider of engine services, on a CFM56 revitalization program.

As per an official release, FTAI plans to lease up to twenty engines to SpiceJet and provide maintenance services as well. This initiative aims to decrease maintenance costs, minimize aircraft downtime, and improve the airline’s overall performance.

The partnership with the US-based engine services provider “will reduce maintenance expense and minimise aircraft downtime, enhancing the airline’s overall performance,” Spicejet said in a statement. (Read More)

Nitin Bavisi, CFO, Ajmera Realty & Infra India: Today’s RBI policy announcement decision to maintain the repo rate at 6.5% for the second consecutive time reflects the positive impact of inflation easing in various sectors, along with maintaining its stance of withdrawal of accommodation.

This move will not only bring stability to the real estate sector but also contribute to its overall growth and development. With the repo rate being kept unchanged, it is expected to stimulate investment in the real estate market as borrowing costs remain favourable. This favourable environment is set to provide a significant boost to the real estate sector, fostering confidence among investors and homebuyers alike. Largely, it is expected that the RBI may start easing rates by CY24, expecting pricing power to return for most players in the next 12 months.

The Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said that the net Foreign portfolio investment (FPI) inflows stand at USD 8.4 billion during the current financial year upto June 6 as against net outflows in the proceeding two years where USD 14.1 billion in 2021-22 and 5.9 billion in 2022-23.

During a briefing, Das said, “On Foreign portfolio investment (FPI) have seen a significant portfolio this year since April 2023-24, led by equity flows. The net FPI inflows stand at USD 8.4 billion during the current financial year up to June 6 as against net outflows in the proceeding two years were USD 14.1 billion in 2021-22 and 5.9 billion in 2022-23. (Read More)

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Even though the MPC’s rate decision and stance have come on expected lines as pause and withdrawal of accommodation respectively, the Governor’s commentary can be interpreted as positive. The central bank’s projection of FY24 CPI inflation has come at 5.1%, lower than 5.2% projected in the previous meeting. This indicates that the MPC has come to the end of this rate hiking cycle. If the monsoon is normal and the global scenario is favourable, the MPC may think about a rate cut by end CY2023 or early 2024. From the stock market perspective, this is positive.

The Governor’s remark that “India’s economic and financial sector remains resilient amidst global turmoil” is a reflection of India’s strong and improving fundamentals.

Inflation still remains above the 4% target and just being the 2-6% is not enough. Risks to CPI inflation forecast evenly balanced. Goal is to reach the targeted 4% inflation going forward: RBI Governor

Aalesh Avlani, Founder, Credit Wise Capital on Bi-Monthly RBI MPC Announcement: “With inflation numbers down…