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  • Market dives after RBI rate cut

    Domestic stocks dropped sharply as investors booked profits after the Reserve Bank of India (RBI) cut repo rate by 25 basis points, as expected, and changed policy stance to accommodative from neutral.

    The Sensex fell 553.82 points or 1.38% to settle at 39,529.72. The index rose 75.72 points or 0.19% at the day's high of 40,159.26. The index fell 602.39 points, or 1.50% at the day's low of 39,481.15.

    The Nifty 50 index fell 177.90 points or 1.48% to settle at 11,843.75. The index rose 18.15 points, or 0.15% at the day's high of 12,039.80. The index fell 191.40 points, or 1.59% at the day's low of 11,830.25.

    Indices were trading with small losses in early trade as trading resumed after a public holiday on Wednesday. Key indices extended decline triggered in early trade on selling pressure in index pivotals. The Sensex fell below the psychological 40,000 level while the Nifty declined below the psychological 12,000 level. Stocks were trading on a weak note in mid-morning trade. Stocks extended slide in early afternoon trade after the central bank cut repo rates by 25 basis points, as expected. Selling frenzy in index pivotals dragged the key indices to the day's low in mid-afternoon trade. Indices cut losses in late trade.

    The S&P BSE Mid-Cap index fell 1.77%. The S&P BSE Small-Cap index declined 1.60%. Both these indices underperformed the Sensex.

    The market breadth, indicating the overall health of the market, was weak. On the BSE, 755 shares rose and 1840 shares fell. A total of 137 shares were unchanged.

    Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (down 3.04%), the S&P BSE Capital Goods index (down 2.81%) and the S&P BSE Bankex (down 2.34%), underperformed the Sensex. The S&P BSE Consumer Durables index (down 0.07%), the S&P BSE Information Technology index (down 0.24%) and the S&P BSE Telecom index (down 0.34%), outperformed the Sensex.

    Shares of index heavyweights L&T (down 3.41%), Reliance Industries (down 1.78%) and HDFC (down 1.65%) declined.

    Banks shares were under pressure. Among public sector banks, Central Bank of India (down 1.98%), Jammu & Kashmir Bank (down 3.20%), Punjab National Bank (down 3.46%), Canara Bank (down 4.95%), State Bank of India(down 4.34%), Bank of India (down 5.62%), Union Bank of India (down 5.97%), Allahabad Bank (down 6.76%), Syndicate Bank (down 5.45%), Bank of Baroda (down 6.33%) and Orient Bank of Commerce (down 6.57%), declined.

    Among private sector banks, Yes Bank (down 6.15%), Axis Bank (down 1.38%), Federal Bank (down 2.69%), Kotak Mahindra Bank (down 1.05 %), IDFC First Bank (down 6.49%), HDFC Bank (down 1.18%), RBL Bank (down 3.50%), ICICI Bank (down 1.75%), IndusInd Bank (down 6.97%), declined.

    Most auto stocks declined. Escorts (down 4.83%), Mahindra & Mahindra (down 2.48%),Tata Motors (down 2.08%),Ashok Leyland (down 1.77%),Maruti Suzuki India (down 0.93%) and TVS Motor Company (down 0.82%), edged lower. Bajaj Auto (up 0.04%),Eicher Motors (up 0.26%) and Hero MotoCorp (up 0.94%) edged higher.

    GAIL (India) fell by 11.77% on reports of disappointing tariff revision by PNGRB for key pipelines managed by the company. The Petroleum and Natural Gas Regulatory Board (PNGRB) is India's oil & gas regulator. In orders dated 4 June 2019, PNGRB declared revised levelized tariffs for GAIL (India)'s Hazira-Vijaipur-Jagdishpur (HVJ) & Dahej-Vijaipur (DVPL) and Vijaipur-Dadri (GREP) up-gradation (HVJ Upgradation) pipeline system and Mumbai Regional Natural Gas Pipeline Network (MRNGPN). According to media reports, even though the new rate is slightly higher than the previous rate, it is still substantially lower than what GAIL (India) had asked.

    Aurobindo Pharma declined 4.56% after the company said it has received 10 observations from the US health regulator for its Unit 3 in Hyderabad. Aurobindo Pharma clarified that the United States Food and Drug Administration (USFDA) had conducted an inspection at the company's Unit III, a formulation manufacturing facility located at Bachupally, Hyderabad from 13 May 2019 to 24 May 2019. In this regard, the company has received a “Form 483” with ten observations. None of the observations are repetitive and are more procedural in nature. The company will be responding to the USFDA within the stipulated time. The Form 483 will not have an impact on existing business of this facility.

    On the economic front, the Reserve Bank of India (RBI) concluded its three-day Monetary Policy Committee (MPC) meeting today, 6 June 2019. On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75% from 6% with immediate effect.

    Consequently, the reverse repo rate under the LAF stands adjusted to 5.50%, and the marginal standing facility (MSF) rate and the Bank Rate to 6%. The MPC also decided to change the stance of monetary policy from neutral to accommodative.

    These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth, RBI said in a statement.

    In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.30, compared with its close of 69.26 during the previous trading session.

    In the commodities market, Brent crude for August 2019 settlement was up 51 cents at $61.14 a barrel. The contract fell by $1.34 or 2.16% to settle at $60.63 a barrel during the previous trading session.

    Overseas, European stocks were trading higher on Thursday, as investors are awaiting the latest decision from the European Central Bank (ECB).

    Asian shares ended mixed on Thursday as investors kept a close watch on impending US tariffs on Mexico while trade talks with Beijing remained at a standstill. South Korean markets were closed for a holiday.

    American and Mexican officials said late Wednesday that progress was being made at immigration talks at the White House, but President Donald Trump tweeted that it was not nearly enough.

    US stocks closed solidly higher Wednesday, after volatile morning trade that saw benchmarks flipping between gains and losses, as investors digested a round of conflicting economic data that showed strength in the U.S. services sector but signaled a potential weakening of the labor market.

    In economic data, the Institute for Supply Management services sector index came in at 56.9%, compared with April's 55.5%. The Federal Reserve released its beige book for April through mid-May, which described the U.S. economy as expanding at a modest pace overall, though it also reported anecdotal evidence that labor shortages and new tariffs are holding back growth.

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Flash News 18-Sep-2019
  •  ( 16:57) European shares rise ahead of Fed rate decision  
  •  ( 16:57) Most Asian shares end higher  
  •  ( 16:30) Sensex, Nifty snap 2-day losing streak  
  •  ( 15:26) Union Cabinet decides to ban e-cigarettes  
  •  ( 08:43) Sunteck Realty acquires project near Andheri (West)  
  •  ( 08:41) Ahluwalia Contracts gets projects worth Rs 497.36 crore  
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18 September 2019 00:00
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