Sensex, Nifty cheer RBI policy outcome; RIL, ICICI Bank top gainers
The outcome of RBI’s rate-setting meeting might become a key market driver on Wednesday while investors are also gearing up for a series of key global events over the next few days. Watch out this space as we bring you all the action in a live blog from Dalal Street.
1 New Update
03:32:56 PM IST, 07 Jun 2017
CLOSING BELL: SENSEX, NIFTY CHEER RBI POLICY OUTCOME
The domestic equity market ended on a positive note on Wednesday after the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.25 per cent, mostly in line with the expectations. However, the central bank cut SLR ( Statutory liquidity ratio) by 50 basis points to 20 per cent starting June 24.
03:17:45 PM IST, 07 Jun 2017
MARKET RECOVERS, NIFTY BANK HITS RECORD HIGH
03:13:12 PM IST, 07 Jun 2017
RBI FAVOURS TARGETTED CREDIT PUSH TO FUEL ECONOMIC GROWTH
The Reserve Bank of India (RBI) on Wednesday took note of growth concerns in the economy and but said in the absence of efficient transmission of the policy rates by a banking system burdened with huge bad loans. Instead, the central bank said, it favours of a targeted intervention to improve lending to the better performing sectors of the economy to push up growth.
02:54:16 PM IST, 07 Jun 2017
RATE-SENSITIVE REALTY STOCKS FLAT AFTER RBI ANNOUNCEMENT
Interest rate-sensitive NSE Nifty Realty index was trading flat, down 0.06 per cent, at 252.3 around 02:40PM (IST) on Wednesday after the Reserve Bank of India left repo rate and reverse repo rate unchanged at 6.25 per cent and 6 per cent respectively. Shares of Indiabulls Real Estate Ltd. (up 3.19 per cent), Sobha Ltd. (up 0.64 per cent) and Godrej Properties Ltd. (up 0.13 per cent) were among top gainers.
02:53:40 PM IST, 07 Jun 2017
SHARES OF TCS, ITC AND INFOSYS SURGE IN VALUE
Shares of TCS (Rs 470.28 crore), Cadila Health (Rs 405.00 crore), Infosys (Rs 398.87 crore), Maruti Suzuki (Rs 265.47 crore), ICICI Bank (Rs 264.69 crore), ITC (Rs 230.41 crore), Vedanta Ltd (Rs 224.51 crore), RIL (Rs 200.47 crore), HCL Tech (Rs 200.15 crore), Titan Co. (Rs 193.55 crore), M&M (Rs 182.40 crore), YES Bank (Rs 177.22 crore), Hind. Unilever (Rs 176.94 crore), Tata Motors (Rs 171.11 crore), SBI (Rs 169.89 crore), Sun Pharma (Rs 166.35 crore), HDFC (Rs 145.09 crore), Aurobindo Pharm (Rs 140.83 crore), Divis Lab (Rs 140.66 crore) and Ibull HousingFin (Rs 130.98 crore) stood among most active stocks in terms of value on NSE on Wednesday.
02:46:21 PM IST, 07 Jun 2017
RBI CREDIT POLICY: APRIL INFLATION READING IMPARTED 'CONSIDERABLE UNCERTAINTY'.
02:46:16 PM IST, 07 Jun 2017
RBI CREDIT POLICY: EFFECTS OF DEMONETISATION SECTOR SPECIFIC, TRANSIENT.
02:46:12 PM IST, 07 Jun 2017
RBI CREDIT POLICY: MAY NEED POLICY INTERVENTION TO CURB PULSES PRICE SLUMP.
02:45:09 PM IST, 07 Jun 2017
RBI PROJECTS INFLATION IN 2-3.5 PER CENT RANGE FOR FIRST HALF OF 2017-18 AND 3.5-4.5 PER CENT FOR SECOND HALF.
02:44:51 PM IST, 07 Jun 2017
RBI POLICY: NEED TO ASSESS IF LOW INFLATION MOMENTUM WILL ENDURE.
02:36:17 PM IST, 07 Jun 2017
RBI KEEPS REPO RATE UNCHANGED AT 6.25%, CUTS SLR BY 50 BPS
The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India, headed by Governor Urjit Patel, on Wednesday kept the short-term lending rate, called repo rate, unchanged at 6.25 per cent after its second bimonthly review of this financial year. The MPC, however, cut SLR by 50 basis points to 20 per cent starting June 24.
02:04:35 PM IST, 07 Jun 2017
CABINET APPROVES PLAN FOR IREDA IPO
The cabinet approved a plan for an initial public offering in state-owned Indian Renewable Energy Development Agency (IREDA), a government source told reporters. The agency provides financial assistance for development of renewable projects as Prime Minister Narendra Modi targets raising energy generation from all renewable sources to 175 GW by 2022.
02:03:31 PM IST, 07 Jun 2017
CABINET OKAYS MOU BETWEEN SEBI, EUROPEAN SECURITIES REGULATOR
01:41:20 PM IST, 07 Jun 2017
CADILA HITS RECORD HIGH ON USFDA APPROVAL
Thealth regulator’s given its nod to Zydus Cadila for the marketing of mesalamine tablets, used for the treatment of ulcerative colitis. The scrip was trading 8.48 per cent up at Rs 532. Shares of the company opened at Rs 493 and touched a high and low of Rs 539.40 and Rs 491.05, respectively, in trade so far.
01:40:44 PM IST, 07 Jun 2017
BANK MERGERS ON THE CARDS?
The financial ministry is looking to create 12-13 large PSU banks in three years via mergers, NewsRise reported a financial ministry official as saying. A concept paper on bank merger will be ready within a month, the report suggested. The ministry would soon seek CCI's view on regarding the same. The report suggested that the ministry may look at banks such as Allahabad Bank, UCO and UBI, if big banks do not show interest.
01:21:30 PM IST, 07 Jun 2017
JAPANESE NIKKEI ENDS FLAT
Japanese stocks barely moved in thin trade on Wednesday as investors continued to shun riskier assets ahead of potentially market moving global events later this week. The Nikkei was flat in choppy trade, ending at 19,984.62 points.
01:07:58 PM IST, 07 Jun 2017
It's time to focus on companies and not macro indicators
It's time to focus on companies and not macro indicators
12:46:34 PM IST, 07 Jun 2017
12:46:23 PM IST, 07 Jun 2017
TOP THREE IT STOCKS DROP UP TO 4%
Shares of IT majors Infosys, TCS and Wipro declined up to 4 per cent in Wednesday’s trade amid a media report which quoted an Infosys spokesperson as saying that the company's clients were asking for 20-30 per cent cut in prices for same projects.
12:30:49 PM IST, 07 Jun 2017
BHUSHAN STEEL DROPS ON SFIO INVESTIGATION
The stock fell after Serious Fraud Investigation Office (SFIO) initiated an investigation into Bhushan Power & Steel and Bhushan Steel , which are saddled with a combined outstanding debt of Rs 1 lakh crore.
12:27:29 PM IST, 07 Jun 2017
GMR INFRA JUMPS 4% ON GREECE PROJECT
Shares of GMR Infrastructure advanced 4 per cent in Wednesday's trade after the company informed the BSE that its subsidiary GMR Airports has been selected to develop, operate and manage the New International Airport of Heraklion at Crete in partnership with Greek infrastructure major TERNA S.A.
12:02:23 PM IST, 07 Jun 2017
19 STOCKS HIT 52 WEEK HIGH TODAY
Shares of Simplex Infra, Future Retail, Venkys (India), IIFL Holdings, Emami Infra, Cadila Health, Bharat Bijlee, Geo BNP Paribas, Info Edge, SPML Infra, Edelweiss Fin, Can Fin Homes, PSP Projects Ltd., JHS Svendgaard, Kaya Ltd., Colgate-Palmo, Global Vectra, T T Ltd, Endurance Technologies Ltd., KPR Mill hit their fresh 52-week high during the trade on NSE.
11:49:09 AM IST, 07 Jun 2017
WEBINAR: POSSIBLE PAIN POINTS FROM GST ROLLOUT. REGISTER HERE!
With the government readying to roll out landmark tax reforms GST from July 1, industry and investors across sectors are jittery about the pain points awaiting them. Join Mr Bipin Sapra, Partner – Indirect Tax, of EY India at 1 pm on June 7 as he throws more light on what is really in store.
11:28:44 AM IST, 07 Jun 2017
INDIABULLS REAL ESTATE, OBEROI REALTY, UNITECH GAIN
Interest rate-sensitive NSE Nifty Realty index was trading 0.42 per cent up at 253.5 around 10:51 AM (IST) on Wednesday ahead of the outcome of the Reserve Bank of India's monetary policy meeting, scheduled at 2:30 PM (IST). Shares of Indiabulls Real Estate Ltd. (up 1.52 per cent), Prestige Estates Projects Ltd. (up 1.11 per cent), Sobha Ltd. (up 1.07 per cent), Oberoi Realty Ltd. (up 0.98 per cent) and Unitech Ltd. (up 0.96 per cent) were among top gainers.
10:43:01 AM IST, 07 Jun 2017
RBI POLICY OUTCOME AT 2.30 PM TODAY: HERE'S WHAT EXPERTS SAY
The outcome of second bi-monthly monetary policy is scheduled at 2.30 pm later in the day. While most analysts expect a status quo on the policy rate, which stands at 6.25 per cent, experts believe the six-member monetary policy committee (MPC) of the RBI may sound more dovish and open doors for rate cuts in policy reviews in months to come.
10:28:04 AM IST, 07 Jun 2017
AUTO STOCKS MIXED AHEAD OF RBI OUTCOME
Rate-sensitive NSE Nifty Auto was trading 0.39 per cent up at 10,892.0 ahead of the outcome of the Reserve Bank of India's (RBI) monetary policy meeting that is scheduled at 2.30 pm (IST) on Wednesday. Shares of Mahindra & Mahindra Ltd. (up 1.60 per cent), Hero Moto Corp Ltd. (up 1.08 per cent), Bharat Forge Ltd. (up 1.04 per cent), Ashok Leyland Ltd. (up 0.71 per cent) and Bosch Ltd. (up 0.55 per cent) were among top gainers in early trade.
09:52:27 AM IST, 07 Jun 2017
RCOM DROPS 4% AS FITCH, MOODY'S SLASH RATING AGAIN
Shares of Reliance Communications (RCom) tanked over 3 per cent in Wednesday's trade after Fitch Rating agency slashed the rating of the operator to restricted default (RD), while another global rating agency Moody's downgraded it to CA, its second lowest rating category and said there was a chance of a further downgrade. The ratings were cut for the second time in the span of a week, even as the telecom firm received a seven-month respite from bankers on repayment of debt.
09:37:53 AM IST, 07 Jun 2017
RUPEE OPENS 6 PAISE LOWER AGAINS US DOLLAR AT 64.49
The rupee on Wednesday opened 6 paise down at 64.49 against the US dollar ahead of the outcome of the RBI's bi-monthly monetary policy review meet later in the day. The local currency on Tuesday snapped its four-day gaining streak and settled 7 paise down at 64.43 against dollar. The RBI fixed the reference rate for the dollar at 64.3516 and for the euro at 72.5178.
09:19:05 AM IST, 07 Jun 2017
OPENING BELL: SENSEX, NIFTY START ON A POSITIVE NOTE
The BSE Sensex was trading 62.49 points, or 0.20 per cent, higher at 31,253. The Nifty 50 was trading 22.35 points, or 0.23 per cent, higher at 9,659.70. Midcap and Smallcap indices gained up to 0.10 per cent.
09:02:21 AM IST, 07 Jun 2017
PRE-OPEN SESSION: MARKET MIXED
Pre-open session: Nifty up 200 points, Sensex flat; Rupee opens at 64.49 against US dollar.
08:19:18 AM IST, 07 Jun 2017
<b>CRUDE OIL SLIPS</b>
Oil prices dipped on Wednesday, with Brent crude futures failing to find support at $50 per barrel, as global fuel markets remained oversupplied, although rising tension in the West Asia and falling US inventories lent some support. Brent crude futures were trading at $49.94 per barrel, down 18 cents, or 0.4 per cent, from their last close. US WTI crude futures were at $47.98 per barrel, down 21 cents, or 0.4 per cent, from their previous close, and down over 6 percent from May 25.
08:19:05 AM IST, 07 Jun 2017
<b>RUPEE STRONGER ON FRIDAY</b>
The Indian rupee closed marginally weaker against the US dollar, ahead of the Reserve Bank of India’s two-day bimonthly policy which will start from Tuesday. The rupee closed at 64.43, down 0.10 per cent from its Monday’s close of 64.37.
08:18:54 AM IST, 07 Jun 2017
<b>US MARKETS GAIN</b>
The Dow Jones Industrial Average declined 47.81 points, or 0.23 per cent, to 21,136 on Tuesday. The S&P500 index edged 6.77 points, or 0.28 per cent, lower at 2,429.33. The Nasdaq Composite index fell 20.63 points, or 0.33 per cent, to 6,275.06.
08:18:42 AM IST, 07 Jun 2017
<b>ASIAN MARKETS</b>
Asian stocks looked set to slip on Wednesday as investors reduce risk before several major political and economic events later this week. MSCI's broadest index of Asia-Pacific shares outside Japan edged 0.2 per cent lower, retreating further from a two-year high hit on Monday. Early Asian markets such as Australia and Japan are pointed lower.
08:18:32 AM IST, 07 Jun 2017
SIGNAL FROM SINGAPORE
Nifty50 futures on the Singapore Stock Exchange were trading 2.5 points higher at 9,678, indicating a flat opening for the domestic market.
08:18:09 AM IST, 07 Jun 2017
SENSEX ON TUESDAY
The S&P BSE Sensex shed 119 points on Tuesday to close the session at 31,190, with TCS being the top gainer and Tata Motors the worst laggard. NSE's Nifty50 fell 38 points to end the session at 9,637, with 15 constituents ending in the green.
08:17:25 AM IST, 07 Jun 2017
Good morning, dear reader! Here’s something to kickstart your trading day
