D-St gives thumbs down to RBI rate cut; Sensex ends 98 pts lower; Nifty tad below 10,100
Despite long strides, the Nifty is tantalisingly poised as suggested by the declining market breadth even when the index is rising. RBI’s policy move holds the key to where the market heads from here. Watch this space as we bring you LIVE updates of the proceedings from Dalal Street.
1 New Update
04:34:47 PM IST, 02 August 2017
CLOSING BELL: D-ST GIVES THUMBS DOWN TO RBI RATE CUT
Domestic equity market’s behaviour post RBI’s money policy conjured up such sentiment, as the benchmark Sensex slipped some 98 points, or 0.30 per cent, to wrap up the session at 32,476. That’s a poor show considering the fact that the 30-stock pack had started the day with a 100 points gap up at 32,641 and touched an intraday high and low of 32,686 and 32,394, respectively.
03:13:43 PM IST, 02 August 2017
NIFTY BANK, AUTO AND REALTY INDICES FALL POST RBI RATE CUT
The banking, realty and auto indices fell on NSE even as The Reserve Bank of India announced a rate cut of 25 basis points at its third bi-monthly policy review. Punjab National Bank (up 0.51 per cent) and Axis Bank (0.40 per cent) were the only two stocks in green in the bank index. IDFC Bank (down 1.02 per cent), IndusInd Bank (down 0.96 per cent) and Canara Bank (down 0.70 per cent) were the biggest losers.
02:50:22 PM IST, 02 August 2017
RBI FAILS TO EXCITE DALAL STREET
BSE Sensex was 80 points or 0.24 per cent down at 32,495.64 while Nifty was trading 0.27 per cent or 27 points lower at 10,087.50 at around 2:35 pm. The interest-rate sensitive stocks took a beating with all sectoral indices on NSE trading in red.
02:41:58 PM IST, 02 August 2017
4 MPC MEMBERS VOTED FOR 25 BPS RATE CUT
Four of six MPC members, Dr. Chetan Ghate, Dr. Pami Dua, Dr. Viral V. Acharya and Dr. Urjit R. Patel were in favour of the monetary policy decision, while Dr. Ravindra H. Dholakia voted for a policy rate reduction of 50 basis points and Dr. Michael Debabrata Patra voted for status quo.
02:37:06 PM IST, 02 August 2017
ALL SECTORAL INDICES IN RED
02:17:04 PM IST, 02 August 2017
D-DAY GUIDE: WHAT TO EXPECT FROM URJIT PATEL TODAY
Ease and cease. That’s what economists and traders are expecting from India’s central bank, which decides interest rates on Wednesday. The Reserve Bank of India will cut the repurchase rate to 6 per cent from 6.25 per cent, according to 41 of 57 economists in a Bloomberg survey with the rest seeing no change. It’ll stay there at least through the end of 2018, a separate survey shows, as record-low inflation begins to reverse and the Federal Reserves reduces its balance sheet.
02:07:29 PM IST, 02 August 2017
IF RBI CUTS RATES TODAY, THESE 12 STOCKS WILL BE SURESHOT WINNERS
A poll conducted by ET among 20 market participants showed 17 of them have voted for a 25 basis points cut in repo rate – the rate at which high-street lenders borrow short-term funds from the central bank – on Wednesday. The repo rate now stands at 6.25 per cent. The BSE Sensex on Tuesday closed 60.23 points, or 0.19 per cent, higher at 32,575 on August 1, while NSE’s Nifty50 index settled 37.55 points, or 0.37 per cent, up at 10,114.
01:28:56 PM IST, 02 August 2017
NIFTY REALTY INDEX VOLATILE AHEAD OF RBI POLICY-MEET
After hitting an intraday high of 285, just 4 points below its all-time high of 289, Nifty Realty index slipped to Rs 282, down 0.14 per cent. Shares of The Phoenix Mills (up 2.11 per cent), Indiabulls Real Estate (up 1.63 per cent), Housing Development and Infrastructure (up 0.82 per cent), Prestige Estates Projects (up 0.53 per cent), and Delta Corp (up 0.50 per cent) were still trading in green in the index.
01:14:44 PM IST, 02 August 2017
NIFTY AUTO HITS ALL-TIME HIGH AHEAD OF RBI POLICY MEET
Shares of Hero MotoCorp (up 2.84 per cent), Bharat Forge (up 1.23 per cent), Motherson Sumi Systems (up 1.09 per cent) and Bosch (up 1.03 per cent) were among the top gainers in the Nifty Auto index that hit an all-time of 11,201 in Wednesday's trade ahead of central bank's policy outcome, due later today.
12:50:34 PM IST, 02 August 2017
<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Runaway rally of the INR makes the case for aggressive rate cut by MPC more imperative as high Nominal/Real rates attracting hot money</p>— sandip sabharwal (@sandipsabharwal) <a href="https://twitter.com/sandipsabharwal/status/892643990087979008">August 2, 2017</a></blockquote>
12:47:37 PM IST, 02 August 2017
RUPEE AT STRONGEST LEVEL SINCE AUGUST 2015
11:47:35 AM IST, 02 August 2017
NIFTY BANK HITS ALL-TIME HIGH AHEAD OF RBI POLICY OUTCOME
Shares of Punjab National Bank (up 0.54 per cent), Axis Bank (up 0.47 per cent), State Bank of India (up 0.36 per cent), ICICI Bank (up 0.21 per cent), Bank of Baroda (up 0.18 per cent), YES Bank (up 0.18 per cent) and IDFC Bank (up 0.17 per cent) were gaining in Wednesday's trade ahead of the Reserve Bank of India policy outcome, due later today.
11:16:52 AM IST, 02 August 2017
PUNJAB NATIONAL BANK REPORTS 12% YOY RISE IN Q1 NET PROFIT
Punjab National Bank (PNB) on Wednesday reported 12 per cent year-on-year rise in net profit at Rs 343.40 for the quarter ended June 30, 2017 against Rs 306.36 crore in the corresponding quarter last year. Net interest income (NII) of the public sector lender rose 4.22 per cent to Rs 3855.13 crore in Q1FY18 over Rs 3,698.97 crore in Q1FY17.
10:49:17 AM IST, 02 August 2017
COCHIN SHIPYARD IPO SAILS THROUGH, FULLY SUBSCRIBED ON DAY 2
The Rs 1,468-crore initial public offering (IPO) by Cochin Shipyard got fully subscribed on Day 2 of the bidding process. By 10.30 pm, the issue had received bids for 3,47,42,880 shares, which was 1.01 times the total issue size of 3,39,84,000 shares, data compiled with BSE and NSE showed.
10:21:11 AM IST, 02 August 2017
HINDUSTAN COPPER SHEDS 7% AS FIRMS KICKS OFF TWO-DAY OFS
Shares of Hindustan Copper plunged over 7 per cent in Wednesday’s trade after the company kicked started its two-day offer for sale (OFS) at a floor price of Rs 64.75, which was at 8.35 per cent discount to its Tuesday’s closing price of Rs 70.65 on BSE.
10:02:10 AM IST, 02 August 2017
FERTILISER STOCKS SURGE UP TO 12% IN EARLY TRADE
Fertiliser stocks climbed up to 12 per cent in early trade on Wednesday on hopes of robust demand of fertilisers during the first half of FY18. Shares of Rashtriya Chemicals & Fertilizers were trading 11.28 per cent up at Rs 98.15. It was followed by Nagarjuna Fertilizers (up 9.39 per cent), Madras Fertilizers (up 7.77 per cent), Chambal Fetilisers (up 6.07 per cent) and FACT (up 4.34 per cent).
09:42:17 AM IST, 02 August 2017
RUPEE OPENS 5 PAISE LOWER AGAINST US DOLLAR AT 64.12
The rupee on Wednesday opened 5 paise lower against dollar at 64.12 ahead of the RBI monetary policy outcome later in the day. Angel Broking believes USDINR spot will trade in a positive manner on Wednesday tracking gains in Asian equity markets.
09:19:19 AM IST, 02 August 2017
OPENING BELL: NIFTY AT RECORD HIGH
Nifty hits record high ahead of RBI policy outcome; Sensex up nearly 100 pts; RIL up 1%.
09:12:04 AM IST, 02 August 2017
NIFTY TECHNICAL CHART
Analysts noted that supports for the index are moving higher. They believe that if the RBI cuts the policy rate by 25 basis points on Wednesday, it could push the index higher towards its next resistance above 10,200 level.
09:33:00 AM IST, 02 August 2017
RBI POLICY OUTCOME TODAY
Analysts see chances of a 25-basis point rate cut. "We see 50 per cent chance of a rate cut. We see inflationary pressure from the increase in house rent allowance under the Seventh Central Pay Commission, upturn in food prices, increase in rural wages and minimum support price for crops and farm loan waivers. Therefore, it will be a close call," Nirmal Bang Institutional Research said.
09:09:12 AM IST, 02 August 2017
KEY EARNINGS TO WATCH OUT FOR
Pharma majors Lupin and Wockhardt, PSU lenders PNB and UCO Bank, Tata group firm Voltas,Reliance Infra, Bata India, Emami KEC International and Godrej Properties are some of the companies, which will report their quarterly results today.
09:08:38 AM IST, 02 August 2017
PRE-OPEN SESSION: SENSEX TRADES ABOVE 32,600
Sensex trades above 32,600; Nifty hovers around 10,150.
08:51:24 AM IST, 02 August 2017
COCHIN SHIPYARD SUBSCRIBED 92%
The IPO received bids for 3,13,17,540 shares against the total issue size of 3,39,84,000 shares, data available with the NSE showed. Public sector unit Cochin Shipyard aims to raise up to Rs 1,468 crore through its share sale offer.
08:50:34 AM IST, 02 August 2017
SIS IPO CLOSES TODAY
The initial share sale offer of Security and Intelligence Services (SIS) was oversubscribed 1.93 times on the second day of bidding. The IPO received bids for 1,02,71,682 shares against the total issue size of 53,16,187 shares, NSE data showed on Tuesday.
08:49:48 AM IST, 02 August 2017
ASIAN MARKETS STEADY
Asian markets were trading with mild optimism following firm closing for US stocks overnight. Japan's Nikkei 225 was up 0.4 percent in morning trade, while South Korea's Kospi edged up 0.10 per cent higher.
08:49:32 AM IST, 02 August 2017
US STOCKS AT RECORD HIGH
The Dow Jones index rose 0.33 per cent to a record-high close of 21,963.92. It pierced through the 20,000 milestone in January and the 21,000 mark barely one and a half months later, Reuters reported. The S&P500 index gained 0.24 percent to 2,476.35 and the Nasdaq Composite index added 0.23 percent to 6,362.94, it said.
08:48:41 AM IST, 02 August 2017
SENSEX ON TUESDAY
The S&P BSE Sensex added 60 points to end the session at 32,575 with Hero MotoCorp (up 2 per cent) being the top gainer and drug major Lupin (down 1 per cent) the worst laggard. NSE's Nifty50 closed 38 points higher at 10,114 with 35 components ending in the green and 16 in the red.
08:36:41 AM IST, 02 August 2017
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