Market Wrap: Sensex surges 275 points after RBI rate hike decision, Nifty ends at 10,684
5 min read.Updated: 06 Jun 2018, 05:02 PM ISTLivemint
BSE Sensex closed 275.67 points higher at 35,178.88, while the Nifty 50 ended 91.50 points up at 10,684.65. Here are the highlights from the markets
Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 gained nearly 1% on Wednesday after the Reserve Bank of India’s monetary policy decision has decided to increase key interest rates by 25 basis points to 6.25%. All the six members of RBI’s monetary policy meeting have voted in favour of a rate hike, while maintaining a neutral stance. Meanwhile in global markets, stocks in Europe and Asia were mixed as tech-inspired rally in global stocks is waning. Here are the latest updates from the markets:
06 Jun 2018, 03:35:00 PM IST
BSE Sensex closed higher by 275.67 points, or 0.79%, to 35,178.88, while the Nifty 50 rose 91.50 points, or 0.86%, to close at 10,684.65. Outperforming the benchmark, BSE MidCap and SmallCap gained 1.28% and 1.53%, respectively.All the sectoral indices on BSE gained led by telecom (3.02%), consumer durables (2.32%), metal (1.72%), realty (1.47%) and power (1.45%). On NSE, the Nifty PSU Bank Index jumped 2.53% led by Allahabad Bank, Indian Bank and Union Bank.Bharati Airtel, Tata Motors, Sun Pharma and SBI were top gainers, whereas ONGC, Asian Paints, HDFC Bank and ICICI Bank were among the major losers.
06 Jun 2018, 03:23:00 PM IST
Sensex, Nifty surge after RBI rate hike
The benchmark BSE Sensex jumped almost 280 points to 35,178.11, Nifty rises 91 points to 10,684.05 after the RBI rate hike decision.
06 Jun 2018, 02:40:00 PM IST
RBI hikes repo rate by 25bps to 6.25%
The Reserve Bank of India has hiked repo rates by 25 bps to 6.25%, the first such instance in four years. It has also increased its inflation forecast to 4.7% for six months to March. All members of the monetary policy committee voted in favour of the rate hike. (Read More)
06 Jun 2018, 01:25:00 PM IST
Bond outflows exceed that of crisis year 2008
The fact that the US Federal Reserve is on a tightening mode reduces the appeal of Indian bonds even more.
It should not come as a surprise that foreign investors have pulled out nearly $5 billion from the markets https://t.co/tdVk3ufmJG Chart of the day
European stocks edged higher on Wednesday, underpinned by gains in tech and commodity-related stocks, although trading was cautious amid worries over Italian debt and global trade. The pan-European STOXX 600 index was up 0.1 percent by 0720 GMT, while Germany’s DAX advanced 0.2 percent and Britain’s FTSE rose 0.3 percent. (Reuters)
06 Jun 2018, 12:48:00 PM IST
Fiancial stocks trade higher
Shares of financial services firms were trading higher ahead of the Reserve Bank of India’s monetary policy decision due after 2.30pm today. On NSE, Nifty PSU Bank was up over 2%, the Nifty Bank rose 0.22% and Nifty Financial Services gained 0.37%.
06 Jun 2018, 12:25:00 PM IST
Market update: Sensex up nearly 200 points
BSE Sensex traded higher by 193.05 points, or 0.55%, to 35,096.26, while the Nifty 50 rose 62.85 points, or 0.59%, to 10,656.
06 Jun 2018, 12:23:00 PM IST
Viaan Industries says CMD Raj Kundra appeared before ED as witness
Viaan Industries Ltd said that Raj Kundra, CMD of the company, summoned by the Enforcement Directorate merely as a witness in a bitcoin scam case. Shares were trading 0.54% up at Rs18.50. During the day, it hit a high of Rs19.95 and a low of Rs16.60.PTI on 5 June reported that Kundra was summoned by ED for questioning on his alleged role in a Rs2,000 crore bitcoin scam. Two businessmen, Pune-based Amit Bharadwaj and his brother Vivek Bharadwaj who are directors of GainBitcoin company, cheated more than 8,000 people through a crypto-currency scheme.
06 Jun 2018, 11:43:00 AM IST
Mid-cap, small-cap stocks lose steam after stellar run
Mid-cap and small-cap indices are down 12.84% and 15.66%, respectively, this year
BSE Sensex traded higher by 151.73 points, or 0.43%, to 35,054.94, while the Nifty 50 rose 45.35 points, or 0.43%, to 10,638.50.
06 Jun 2018, 10:38:00 AM IST
Sun Pharma shares rise 2%
Sun Pharmaceutical Industries Ltd climbed as much as 2.5% to Rs485.35 in intraday trade. CLSA has upgraded rating to “buy” from “sell” after Q4 results, with the price target of Rs600. “We believe earnings have bottomed out for Sun Pharma,” said CLSA Research. Indian pharma sector reported stable Q4 earnings on the back of stable US sales sequentially despite heightened pricing pressure, competitive intensity, it noted.Fifteen of the 39 analysts covering the stock have a “buy” or higher rating, 12 have “hold” while 12 rate it at “sell” or lower. Median PT is Rs513 rupees, showed Thomson Reuters data.Up to Tuesday’s close, Sun Pharma has fallen 17.1% compared with a 15.6% drop in the Nifty pharma index this year. (Reuters)
06 Jun 2018, 10:00:00 AM IST
Market update: Sensex, Nifty trade higher
BSE Sensex traded higher by 97.86 points, or 0.28%, to 35,001.07, while the Nifty 50 rose 30.85 points, or 0.29%, to 10,624.
06 Jun 2018, 09:55:00 AM IST
Glenmark Pharma down 2% after USFDA issues Form 483
Glenmark Pharmaceuticals Ltd fell 2.1% to Rs 518.30 after the company got USFDA Form 483 with five observations.
06 Jun 2018, 09:37:00 AM IST
IDFC Bank, Capital First shares rise after RBI approves amalgamation plan
IDFC Bank Ltd rose 4% to Rs 39.75, while Capital First Ltd gains 2.2% to Rs 544.85 after Reserve Bank of India approved amalgamation plan of both the firms.
06 Jun 2018, 09:35:00 AM IST
RBI monetary policy decision today: 5 things to watch out for
Majority of economists surveyed by Mint expects the monetary policy committee to hold the repo rate at 6%, with RBI signalling the withdrawal of an accommodative policy.
Majority of economists surveyed by Mint expects the monetary policy committee to hold the repo rate at 6%, with #RBI signalling the withdrawal of an accommodative policyhttps://t.co/gftEGEAwWH
BSE Sensex traded higher by 32.51 points, or 0.09%, to 34,935.72, while the Nifty 50 inched up 2.75 points, or 0.03%, to 10,595.90.
06 Jun 2018, 09:27:00 AM IST
Rupee edges higher against US dollar
The Indian rupee was trading marginally higher against US dollar on Wednesday as traders await the Reserve Bank of India’s (RBI) monetary policy decision due after 2.30pm.At 9.15am, the rupee was trading at 67.11 against the US dollar, up 0.08% from its previous close of 67.15. The currency opened at 67.12 a dollar. The 10-year bond yield stood at 7.848% from its Tuesday’s close of 7.834%.
06 Jun 2018, 09:25:00 AM IST
Asian shares trade mixed
Asian stocks edged up after tech sector strength lifted Wall Street shares, while concerns about Italy’s debt prompted investors to move into lower-risk government debt elsewhere, pushing US Treasury yields down from recent highs.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1%, while Japan’s Nikkei edged down 0.1%.The Nasdaq closed at a record high for the second day in a row on Tuesday with help from the technology and consumer discretionary sectors amid an upbeat outlook for the US economy. But the S&P 500 dipped, with the financial sector hit by lower Treasury yields, which can reduce banks’ profits. (Reuters)