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PremiumMUMBAI :Mumbai: Benchmarks indices closed lower for a seven straight session on Wednesday, with BSE Sensex closing 113 points down and NSE Nifty settling 21 points down as RBI kept monetary policy unchanged. Meanwhile, Midcap and Smallcap indices outperformed the Sensex by rising 0.43% and 1.95%, respectively. Among the sectoral indices on BSE, oil and gas, realty, energy and healthcare led the gains, while telecom, IT and teck declined. The Reserve Bank of India (RBI) on Wednesday kept interest rates unchanged but hinted that monetary conditions are likely to remain tight because of rising risks to inflation. Here are the latest updates from the markets:
BSE Sensex closed lower by 113.23 points, or 0.33%, to 34,082.71, while the Nifty 50 fell 21.55 points, or 0.21%, to close at 10,476.70. Midcap was up 0.43%, while Smallcap gained 1.95%.
The Indian rupee and bond prices advanced after Reserve Bank of India kept its interest rates unchanged and monetary policy stance unchanged to neutral. The rupee was trading at 64.14, up 0.16% from its previous close of 64.25. It opened at 64.11 a dollar and touched a high and a low of 64.04 and 64.19, respectively. The 10-year bond yield was at 7.552% from its Monday’s close of 7.568%.
Cipla Ltd posted an about 7% rise in third-quarter net profit on Wednesday, but missed analysts’ estimates. Net profit rose to Rs401 crore ($62.54 million) in the quarter ended 31 December, from Rs375 crore a year earlier, the company said. Analysts on average had expected a profit of 4.44 billion rupees, Thomson Reuters data showed. (Reuters)
European stock markets rebounded at the start of trading following heavy losses the previous session. London’s FTSE 100 gained 1.0% to 7,209.47 points. Frankfurt’s DAX 30 index climbed 0.6% to 12,466.1 points and the Paris CAC 40 rose 0.4% to 5,184.08 points. Analysts pointed to a late US recovery on Tuesday as helping European stocks to recover at the open. (AFP)
The Reserve Bank of India has kept interest rates unchanged. Fourteen of the 15 economists surveyed by Mint expect RBI to keep the repo rate—the rate at which the central bank lends to banks—unchanged at 6%. One economist expects a 25 basis point hike.
BSE Sensex traded higher by 38.98 points, or 0.11%, to 34,234.92, while the Nifty 50 edge up 6.30 points, or 0.06%, to 10,504.55.
BSE Sensex traded lower by 24.46 points, or 0.07%, to 34,171.48, while the Nifty 50 edge up 3.75 points, or 0.04%, to 10,502.
IPCA Laboratories Ltd shares surged 5.89% to Rs589.05 after the company said its December quarter profit from continuing operations rose Rs106 crore versus a profit Rs41.38 crore a year ago.
Vedanta Ltd fell 1.4% to Rs317.20 after Bloomberg reported that Supreme Court ordered a halt to iron ore mining in Goa as permits violate environmental and regulatory norms.
BSE Sensex traded lower by 92.14 points, or 0.27%, to 34,103.80, while the Nifty 50 fell 26.35 points, or 0.25%, to 10,471.90. Meanwhile, MidCap was up 0.49% and SmallCap rose 1.55%.
City Union Bank Ltd reported a net profit of Rs155 crore in the December 2017 quarter versus Rs127 crore a year ago. Interest earned in the quarter was Rs865 crore, up from Rs811 crore a year ago. Shares fall 1.38% to Rs153.75.
BSE Sensex traded higher by 3.89 points, or 0.01%, to 34,199.83, while the Nifty 50 rose 14.65 points, or 0.14%, to 10,512.90.
Tata Motors Ltd shares gained 2.26% to Rs382.90 after the company said its total Jaguar Land Rover sales rose 3% to 49,066 units in January.
McNally Bharat Engineering Co. Ltd shares rose 5% to Rs60 after the company said it got order worth Rs 68.30 crore.
Hindustan Unilever Ltd shares fell 1.2% to Rs1,312 after the company said in a investor presentation that it believes short term stress in the sector.
BSE Sensex traded higher by 157.17 points, or 0.46%, to 34,353.11, while the Nifty 50 rose 56.30 points, or 0.54%, to 10,554.55. MidCap was up 1.30% and SmallCap rose 2.41%.
Eicher Motors Ltd shares were up 1% to Rs27,829.95 ahead of its December quarter earnings. According to 20 Bloomberg analyst estimates, the company may post a net profit of Rs538 crore while net sales will be at Rs2,221.50 crore.
Cadila Healthcare Ltd shares declined 3% to Rs393.40 after Bloomberg reported that USFDA said to conduct surprise inspection at its Moraiya unit.
KEC International Ltd shares rose 5% to Rs364.35 after the company said it has received an order worth Rs2,035 crore.
Hero MotoCorp Ltd shares gained 2% to Rs3,608.85 after the company reported a profit of Rs805.43 crore for the quarter ended in December, up 4.3% from Rs772.05 crore in the year-earlier period.
Lupin Ltd shares fell 2% to Rs786.25 after it reported a 65% drop in its December quarter net profit to Rs221.70 crore against Rs426 crore a year ago.
Bajaj Electricals Ltd shares rose 5% to Rs468.10 after the company said it received an order worth $4.10 million in Zambia.
While RBI is likely to keep the policy rates unchanged, it is expected to highlight the risks to its policy trajectory from rising inflation and higher fiscal slippage.
RBI monetary policy today: What to watch out for https://t.co/OMt3vTnnGH
— Livemint (@livemint) February 7, 2018
The Indian rupee strengthened against the US dollar. Gains in the global equity and currencies market also supported the home currency. The rupee was trading at 64.06, up 0.29% from its previous close of 64.25. It opened at 64.11 a dollar. India’s 10-year bond yield was at 7.565% from its Monday’s close of 7.568%. Bond yields and prices move in opposite directions.
BSE Sensex traded higher by 264.27 points, or 0.77%, to 34,460.21, while the Nifty 50 rose 82 points, or 0.78%, to 10,580.25.
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