Monetary policy: RBI will need to cut through its own noise https://t.co/h5kDQy8BL4— Livemint (@livemint) June 5, 2018
Market Wrap: Sensex closes below 35,000 dragged by IT stocks, Nifty ends at 10,593
BSE Sensex closed 108.68 points lower at 34,903.21, while the Nifty 50 ended 35.35 points down at 10,593.15. Here are the highlights from the markets
Last Modified: Tue, Jun 05 2018. 05 05 PM IST
- 3.35 pm ISTClosing bell: Sensex, Nifty close lower for 2nd day
- 3.08 pm ISTBharat Financial gets nod for merger with IndusInd
- 2.27 pm ISTMarket update: Sensex, Nifty extend losses
- 2.23 pm ISTHindoostan Mills to discontinue composite division
- 2.20 pm ISTRupee weakens against US dollar ahead of RBI policy review
- 1.25 pm ISTForce Motors shares down 2.5%
- 12.45 pm ISTUnichem Labs gets EIR for Ghaziabad facility
- 12.10 pm ISTMarket update: Sensex, Nifty trim losses
- 12.05 pm ISTIndia services PMI declines in May on weak demand
- 11.53 pm ISTPatanjali, Godrej Agrovet in talks to tie up for Ruchi Soya bid
- 11.12 am ISTMarket update: Sensex, Nifty fall up to 0.5%
- 11.07 am ISTHUL to integrate foods, refreshments categories
- 11.05 am ISTOil rises on expected stockpile drop
- 10.33 am ISTMarket update: Sensex, Nifty extend losses
- 10.30 am ISTMonetary policy: RBI will need to cut through its own noise
- 9.50 am ISTRCom shares down 5%
- 9.28 am ISTSugar stocks rise over report of Rs8,00 crore govt package
- 9.25 am ISTBiocon shares jump 7%
- 9.22 am ISTMarket update: Sensex, Nifty edge down
- 9.20 am ISTRupee trades flat against US dollar ahead of RBI policy review
- 9.15 am ISTAsian shares trade mixed
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 fell for the second straight day on Tuesday as investor turned cautious ahead of the Reserve Bank of India’s policy statement on Wednesday. Of the 15 economists surveyed by Mint, 11 expect the central bank to keep the repo rate unchanged at 6%. Moreover, a survey showed that India’s services PMI declined for the first time in three months following weak demand. The Indian rupee weakened marginally against the US dollar on Tuesday. Shares in Europe and Asia traded higher following heavy gains in US stocks supported by tech stocks. Here are the highlights from the markets:
- 3.35 pm IST Closing bell: Sensex, Nifty close lower for 2nd dayBSE Sensex closed lower by 108.68 points, or 0.31%, to 34,903.21, while the Nifty 50 fell 35.35 points, or 0.33%, to close at 10,593.15. BSE MidCap and SmallCap lost 1.20% and 2.43%, respectively.All the sectoral indices on BSE, except energy and oil and gas, declined with telecom losing most at 3.08%, capital goods 1.96%, industrials 1.80% and healthcare 1.40%.Tata Steel, Reliance, Maruti Suzuki and HDFC Bank were top gainers, whereas Bharti Airtel, L&T, Dr. Reddy’s Labs and Coal India were among the major losers.
- 3.08 pm IST Bharat Financial gets nod for merger with IndusIndBharat Financial Inclusion Ltd said that it has received no-objection nod from stock exchanges for its merger with private sector lender IndusInd Bank. Bharat Financial shares rose 1.42% to Rs1,160.10, while InduInd Bank gained 0.26% to Rs1902.
- 2.23 pm IST Hindoostan Mills to discontinue composite divisionHindoostan Mills Ltd said its board of directors has decided to discontinue the operations of the composite division and plans to sell its assets situated at Ambarnath and Karad. Shares were trading 6.91% lower at Rs269.95, recovering from day’s low of Rs260.05.
- 2.20 pm IST Rupee weakens against US dollar ahead of RBI policy reviewThe Indian rupee weakened marginally against the US dollar on Tuesday as traders turned cautious ahead of the Reserve Bank of India’s bi-monthly policy outcome.The rupee was trading at 67.16 against the US dollar, down 0.06% from its previous close of 67.11. The currency opened at 67.08 a dollar and touched a high and a low of 67.07 and 67.23, respectively. The 10-year bond yield stood at 7.853% from its Monday’s close of 7.876%.
- 12.45 pm IST Unichem Labs gets EIR for Ghaziabad facilityUnichem Laboratories Ltd said its formulation manufacturing facility at Ghaziabad has received an establishment inspection report from the USFDA, indicating closure of inspection. Shares were trading 2.18% lower at Rs235.15 after hitting a high of Rs244.70.
- 12.05 pm IST India services PMI declines in May on weak demandActivity in India’s service industry shrank in May for the first time in three months as new orders stagnated, but business optimism was the highest since 2015 on expectations that demand will turn around, a business survey showed.The Nikkei/IHS Markit Services Purchasing Managers’ Index (PMI) fell to 49.6 in May from April’s 51.4, sinking below the 50-mark that separates growth from contraction. Read more
- 11.53 pm IST Patanjali, Godrej Agrovet in talks to tie up for Ruchi Soya bidBaba Ramdev’s Patanjali Ayurved Ltd, which has put in a bid for Ruchi Soya Industries Ltd, is in talks with Godrej Agrovet Ltd for a potential tie-up for the bid, Mint reported, citing two people aware of the matter.Godrej Agrovet shares were trading at Rs626.50, down 2.54%. Ruchi Soya shares were down 4.99% at Rs14.86.
- 11.05 am IST Oil rises on expected stockpile dropOil prices rebounded after falling in the previous session on expectations that inventories in the United States may decline but increasing US production and concerns that Opec may raise output continue to weigh on sentiment.Brent crude futures added 14 cents, or 0.19%, to $75.43 a barrel at 8.31am, after settling down 2% at $75.29 on Monday. US West Texas Intermediate (WTI) crude was up 32 cents, or 0.49%, at $65.07 a barrel. It finished the previous session 1.6% lower at $64.75. (Reuters)
- 10.33 am IST Market update: Sensex, Nifty extend lossesBSE Sensex traded lower by 93.94 points, or 0.27%, to 34,917.95, while the Nifty 50 fell 47.25 points, or 0.44%, to 10,581.25. BSE MidCap and SmallCap declined 0.67% and 1.50%, respectively.All the sectoral indices on BSE, except energy and FMCG, traded lower with telecom, power, capital goods, utilities losing most. Reliance, SBI, Wirpo and Kotak Bank were top gainers, whereas Power Grid, Bharti Airtel, Yes Bank and Dr. Reddy’s Labs were among the major gainers.
- 10.30 am IST Monetary policy: RBI will need to cut through its own noiseWhat the market needs is a consistent tone that indicates RBI’s judgement on inflation and growth. What the markets needs most is forecasts that are not written on sand
- 9.28 am IST Sugar stocks rise over report of Rs8,00 crore govt packageSugar stocks gains after a report that the centre is going to announce a Rs8,000 crore package to help sugar mills clear pending payments to sugarcane farmers.Bajaj Hindusthan Sugar Ltd rose 4%, Balrampur Chini Mills Ltd 3%, Shree Renuka Sugars 0.3%, Mawana Sugars Ltd 4%, Dwarikesh Sugar Industries Ltd 3%, Avadh Sugar & Energy Ltd 5%.
- 9.20 am IST Rupee trades flat against US dollar ahead of RBI policy reviewThe Indian rupee was trading little changed against the US dollar on Tuesday as traders turned cautious ahead of the Reserve Bank of India’s bi-monthly policy outcome.The rupee was trading at 67.11 against the US dollar, up 0.01% from its previous close of 67.11. The currency opened at 67.08 a dollar. The 10-year bond yield stood at 7.86% from its Monday’s close of 7.876%. Bond yields and prices move in opposite directions.So far this year, the rupee has weakened 4.83%, while foreign investors have sold $225.90 million and $4.45 billion in equity and debt markets, respectively.
- 9.15 am IST Asian shares trade mixedAsian stocks pulled back on Tuesday as investors paused for breath after the previous day’s rally, although tech-inspired Wall Street gains supported broader sentiment as focus shifted to bullish economic fundamentals, away from trade concerns.MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1% after surging 1.4% the previous day. Japan’s Nikkei gained 0.2% and South Korea’s KOSPI lost 0.15%. Hong Kong’s Hang Seng shed 0.2% and the Shanghai Composite Index was little changed.
First Published: Tue, Jun 05 2018. 09 24 AM IST
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