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Stock markets were trading in green terrain in noon session following 50 basis points rate hike by RBI. The move is expected to tackle inflation that has gone beyond the tolerance level. RBI retained its real GDP growth projection at 7.2 percent for the current fiscal year on the back of improvement in urban demand and gradual recovery in rural India. This was the second raise in a row this year, which came in-line with markets expectations. In another positive development, bank’s credit grew by 11.04 per cent to Rs 120.27 lakh crore and deposits up by 9.27 per cent to Rs 165.74 lakh crore in the fortnight ended May 20, 2022. However, gains remained capped as World Bank slashed its global growth forecast by 1.2 percentage points to 2.9% for 2022, warning that Russia's invasion of Ukraine has compounded the damage from the COVID-19 pandemic, with many countries likely to face recession. On the global front, Asian markets were trading mostly higher after U.S. stocks rallied on heavy buying of technology companies.

Back home, buying in frontline stocks such as SBI, Bajaj Finance and Bajaj Finserv were aiding sentiment, while selling in Bharti Airtel, Reliance Industries and ITC kept the gains in the markets in check. Besides, broader indices were also trading in green, supporting their larger peers.

The BSE Sensex is currently trading at 55295.05, up by 187.71 points or 0.34% after trading in a range of 54683.30 and 55423.97. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.39%, while Small cap index was up by 0.30%.

The top gaining sectoral indices on the BSE were Realty up by 2.16%, Metal up by 1.02%, PSU up by 0.96%, Bankex up by 0.90% and Basic Materials was up by 0.69%, while FMCG down by 0.43%, Telecom down by 0.10%, Healthcare down by 0.03% and Energy was down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were SBI up by 2.13%, Bajaj Finance up by 1.79%, Bajaj Finserv up by 1.57%, Tata Steel up by 1.49% and TCS was up by 1.28%. On the flip side, Bharti Airtel down by 1.25%, Reliance Industries down by 0.88%, ITC down by 0.69%, Hindustan Unilever down by 0.46% and Nestle was down by 0.38% were the top losers.

Meanwhile, Reserve Bank of India (RBI) in its latest data has showed that Bank credit grew by 11.04 per cent to Rs 120.27 lakh crore and deposits up by 9.27 per cent to Rs 165.74 lakh crore in the fortnight ended May 20, 2022.

It stated that in the fortnight ended May 21, 2021, bank advances stood at Rs 108.31 lakh crore and deposits at Rs 151.67 lakh crore. In the previous fortnight ended May 6, bank credit grew by 10.82 per cent and deposits at 9.71 per cent.

In the fortnight ended May 7, 2021, bank advances stood at Rs 108.70 lakh crore and deposits at Rs 152.16 lakh crore. In FY 2021-22, bank credit rose by 8.59 per cent and deposit by 8.94 per cent.

The CNX Nifty is currently trading at 16476.65, up by 60.30 points or 0.37% after trading in a range of 16293.35 and 16514.30. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were SBI up by 2.14%, Bajaj Finance up by 1.74%, Grasim Industries up by 1.65%, Hero MotoCorp up by 1.56% and JSW Steel was up by 1.53%. On the flip side, Bharti Airtel down by 1.19%, Cipla down by 1.17%, UPL down by 0.96%, Reliance Industries down by 0.93% and ITC was down by 0.73% were the top losers.

Asian markets were trading mostly in green; Hang Seng increased 418.71 points or 1.94% to 21,950.38, Taiwan Weighted strengthened 157.63 points or 0.95% to 16,670.51, Jakarta Composite soared 30.84 points or 0.43% to 7,171.89, Nikkei 225 surged 290.34 points or 1.04% to 28,234.29 and Shanghai Composite was up by 7.22 points or 0.22% to 3,248.98.

On the flip side, KOSPI fell 0.19 points or 0.01% to 2,626.15 and Straits Times was down by 7.48 points or 0.23% to 3,224.06.

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