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  • Nifty settles at 8-week low as RBI maintains status-quo on rates

    Key benchmark indices dropped after the Reserve Bank of India (RBI) left key policy rates unchanged after monetary policy review today, 6 December 2017. The barometer index, the S&P BSE Sensex, lost 205.26 points or 0.63% to settle at 32,597.18. The Nifty 50 index lost 74.15 points or 0.73% to settle at 10,044.10. Negative leads from global stocks also spoiled investors sentiment. The Sensex settled at over 6-week low. The Nifty settled at 8-week low.

    Today's slide on the bourses was led by index heavyweights HDFC, HDFC Bank and ICICI Bank. Shares from interest rate sensitive auto and banking sectors edged lower after the RBI kept policy rates unchanged. Metal and mining stocks edged lower as commodities prices declined in international market as investors raised doubts over China demand for metals.

    Key indices opened lower. After some range bound trading at lower levels, key indices declined further in mid-afternoon trade on fresh selling pressure after RBI kept interest rates unchanged. The Sensex hit its lowest level in more than six weeks, while the Nifty hit its lowest level in almost eight weeks in mid-afternoon trade.

    The Sensex lost 205.26 points or 0.63% to settle at 32,597.18, its lowest closing level since 23 October 2017. The Sensex rose 2.31 points, or 0.01% at the day's high of 32,804.75 in morning trade. The index fell 237.28 points, or 0.72% at the day's low of 32,565.16 in mid-afternoon trade.

    The Nifty lost 74.15 points or 0.73% to settle at 10,044.10, its lowest closing level since 11 October 2017. The Nifty fell 14.05 points, or 0.14% at the day's high of 10,104.20 in morning trade. The index fell 84.90 points, or 0.84% at the day's low of 10,033.35 in mid-afternoon trade.

    Among secondary barometers, the BSE Mid-Cap index fell 0.89%. The BSE Small-Cap index fell 0.66%. Both these indices underperformed the Sensex.

    The market breadth, indicating the overall health of the market, was weak. On BSE, 1,644 shares fell and 978 shares rose. A total of 177 shares were unchanged.

    The total turnover on BSE amounted to Rs 3409.98 crore, lower than turnover of Rs 4186.70 crore registered during the previous trading session.

    Among the sectoral indices on BSE, the BSE Metal index (down 2.03%), the BSE Power index (down 0.91%) and the BSE Capital Goods index (down 1.09%) underperformed the Sensex. The BSE Teck index (up 0.03%), the BSE IT index (up 0.32%), and the BSE Energy index (up 0.46%) outperformed the Sensex.

    Index heavyweight and housing finance major HDFC lost 1.78% to Rs 1,648.95

    Bank stocks declined after the Reserve Bank of India (RBI) kept policy rates steady after monetary policy review today, 6 December 2017. Among private sector banks, ICICI Bank (down 1.96%), HDFC Bank (down 1.26%), Yes Bank (down 0.76%), Axis Bank (down 0.74%), IndusInd Bank (down 0.12%), City Union Bank (down 0.44%), Federal Bank (down 0.23%), RBL Bank (down 0.34%) and Kotak Mahindra Bank (down 0.06%) edged lower.

    Among public sector banks, Union Bank of India (down 3.6%), Canara Bank (down 2.76%), Bank of Baroda (down 2.27%), Indian Bank (down 2.01%), Punjab National Bank (down 2.24%), State Bank of India (down 2.21%), Andhra Bank (down 2.18%), Bank of India (down 1.11%), and Vijaya Bank (down 0.22%) edged lower. Dena Bank (up 0.21%) and United Bank of India (up 0.58%) edged higher.

    Interest rate sensitive auto stocks fell after the Reserve Bank of India (RBI) kept policy rates steady after monetary policy review today, 6 December 2017. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.

    Tata Motors (down 1.38%), Mahindra & Mahindra (M&M) (down 1.37%), Eicher Motors (down 2.47%), Escorts (down 1.99%), Bajaj Auto (down 1.65%) and Hero MotoCorp (down 0.62%) edged lower. Ashok Leyland (up 0.35%) rose.

    Car major Maruti Suzuki India rose 1.23%. The company's production rose 8.04% to 1.55 lakh units in November 2017 over November 2016. The announcement was made after market hours yesterday, 5 December 2017.

    TVS Motor Company shed 0.04%. The company during trading hours today, 6 December 2017, announced the launch of TVS Apache RR 310. The motorcycle marks the company's entry into the super-premium segment, both in domestic and international markets.

    Metal and mining stocks edged lower as commodities prices declined in international market as investors raised doubts over China demand for metals. Hindustan Copper (down 4.39%), Jindal Steel & Power (down 3.91%), Hindalco Industries (down 3.38%), Steel Authority of India (down 3%), Hindustan Zinc (down 3.1%), NMDC (down 2.8%), National Aluminium Company (down 2.56%), JSW Steel (down 2.35%), Vedanta (down 2.25%), Bhushan Steel (down 1.27%) and Tata Steel (down 1.17%) edged lower.

    The commodities prices in international market declined sharply over concerns of slowdown of Chinese infrastructure spending. Build up of copper inventories was also the cause for further bearishness, reports suggested. China is the world's largest consumer of steel, copper and aluminum.

    Punjab Chemicals & Crop Protection jumped 4.51% after the company said that its board of directors will meet on 8 December 2017 to consider the option to raise long term resources by way of further public offering/rights issue/global depository receipt/American depository receipts/foreign currency convertible bonds/qualified institutional placement/debt issue/preferential issue or any other method, as may be deliberated and decided by the board of directors of the company. The announcement was made after market hours yesterday, 5 December 2017.

    Reliance Communications dropped 4.94% after global credit rating agency Fitch Ratings withdrew rating of the company and senior secured notes. The announcement was made after market hours yesterday, 5 December 2017.

    Reliance Communications (RCom) said that global credit rating agency, Fitch Ratings (Fitch) has withdrawn “C” rating of company's long-term foreign and local currency issuer default ratings and bonds listed in Singapore stock exchange due to commercial reasons.

    The company has already informed all the stakeholders that the lenders have invoked the strategic debt restructuring (SDR) scheme, as per the RBI guidelines. Pursuant to the guidelines, the company is under a standstill period till December 2018.

    Fitch dropped the company from its analytical coverage on the back of multiple insolvency cases against the telecom operator and its slips in interest payments on its global bond holdings. Since its merger plans with Aircel plan fell through, five insolvency cases have reportedly been filed against the telecom operator, including by China Development Bank, among the telco's largest lenders.

    Reliance Naval and Engineering surged 4.3% to Rs 36.35, with the stock recovering on bargain hunting after recent slide. Shares of Reliance Naval and Engineering had tanked 21.94% in the preceding six trading sessions to settle at Rs 34.85 yesterday, 5 December 2017, from its closing of Rs 44.65 on 27 November 2017.

    On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, 6 December 2017, RBI's monetary policy committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6%. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.25%. The decision of the MPC is consistent with a neutral stance of monetary policy 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.

    The government yesterday, 5 December 2017, announced incentives worth a total Rs 8450 crore to boost exports and employment in labour-intensive sectors in the mid-term review of the five-year foreign trade policy (FTP) that was rolled out in 2015.

    Export incentives under Merchandise Exports from India (MEIS) have been increased by 2% across the board for labour intensive MSME sectors leading to additional annual incentive of Rs 4567 crore. This is in addition to the already announced increase in MEIS incentives from 2% to 4% for ready-made garments and made ups in the labour intensive textiles sector with an additional annual incentive of Rs 2743 crore.

    Further, incentives under Services Exports from India Scheme (SEIS) have also been increases by 2% leading to additional annual incentive of Rs 1140 crore. The FTP will continue to be reviewed and evaluated regularly for addressing concerns of the exporters, simplification of procedures and for promotion of exports, an official statement said.

    Overseas, European shares were trading lower as investors monitored corporate earnings and fresh economic data.

    Asian shares ended lower, mirroring losses on the Wall Street. US stock ended lower Tuesday, driven by losses in utilities, telecoms and industrials sectors. The S&P 500 index fell 0.37%. The Nasdaq Composite ended 0.19% lower. The Dow Jones Industrial Average ended 0.45% lower.

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Flash News 26-Sep-2018
  •  ( 16:12) Market ends lower after volatile trade  
  •  ( 08:24) Adani Green wins SECI tender for wind generation project  
  •  ( 08:22) Asian shares trading higher ahead of US Fed meet  
  •  ( 08:22) Asian shares trading higher ahead of US Fed meet  
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