Strong foreign inflows into Indian markets have lifted Sensex and Nifty (Bloomberg)
Strong foreign inflows into Indian markets have lifted Sensex and Nifty (Bloomberg)

Indices log biggest one-day loss of this year, Sensex crashes 558 points

  • Global oil prices have fallen below $60, the lowest since January
  • The RBI cuts repo rate by 25 basis points to 5.75%

Indian markets edged lower ahead of RBI policy decision. As per analysts expectation, the Reserve Bank of India has cut repo rate by 25 basis points to 5.75%. The central bank also changed its stance from 'neutral' to 'accommodative'. The reverse repo rate has also been altered to 5.50%.

Sensex plunged 553.82 points, or 1.38%, at 39,529.72, while the 50-share Nifty settled at 11,843.75 slipping 177.90 points, or 1.48%.

Catch us live for more updates on RBI monetary policy

06 Jun 2019, 03:38:51 PM IST

Sensex, Nifty ended with biggest one-day loss of this year

Sensex plunged 553.82 points, or 1.38%, at 39,529.72, while the 50-share Nifty settled at 11,843.75 slipping 177.90 points, or 1.48%.

06 Jun 2019, 03:22:09 PM IST

Nifty PSU Bank biggest loser on the index

Despite the RBI cutting key rates, the Nifty PSU Bank continued to fall. The Nifty PSU Bank dropped 4.76% led by losses in Allahabad Bank (-7.62%), Syndicate Bank (-7.48%), Orient Bank (-6.49%), Bank of India (-5.91%), Union Bank (-5.89%).

06 Jun 2019, 02:53:15 PM IST

RBI to issue tap licence guidelines on small finance banks

The Reserve Bank of India (RBI) said it will come out with guidelines for issuance of licences to small finance banks 'on tap' basis in August 2019 for promoting banking facility for small borrowers and encourage competition.

06 Jun 2019, 02:51:16 PM IST

Gail shares lose steam, fall over 10% on disappointing tariff revision

GAIL (India) Ltd stock was the top loser among the Nifty 50 stocks on Thursday, declining over 10%.

06 Jun 2019, 02:51:16 PM IST

NBFC risk roars back in India

Twelve months after infrastructure financier IL&FS Group defaulted for the first time in June last year, investor confidence has again been shaken this week by signs that the crisis is spreading among shadow banks.

06 Jun 2019, 02:29:53 PM IST

BSE Midcap and Smallcap slips

In the broader market, BSE Midcap and Smallcap indices lost 1.80% and 1.70% respectively.

06 Jun 2019, 02:26:33 PM IST

Gail shares lose steam dropping over 10% on disappointing tariff revision

The Gail (India) Ltd stock was the top loser among the Nifty 50 stocks on Thursday, declining over 10%. Not without reason. A slew of brokerages have cut the company’s earnings per share (EPS) estimates by 3-4% for financial years 2019-20 and 2020-21. These cuts were prompted mainly by the disappointment in tariff revision for its HVJ or Hazira-Vijaipur-Jagdishpur pipeline and HVJ upgradation network pipelines.

(Report by Pallavi Pengonda)

06 Jun 2019, 01:57:30 PM IST

Bonds rally after RBI signals more rate cuts, rupee strengthens

India's 10 year bond yield on Thursday dived 11 basis points after the Reserve Bank of India (RBI) cut rates and changed its stance. The 10 year bond yield fell 11 basis points to hit fresh 18-month low of 6.9% from its Tuesday's close of 7.02%. Bond prices and yield move in opposite directions.

Meanwhile, the rupee strengthened to 69.21 a dollar, up 0.08% from its previous close. The currency gained for fourth sessions.

(Report by Ravindra N. Sonavane)

06 Jun 2019, 01:53:22 PM IST

Top losers on Nifty

06 Jun 2019, 01:50:19 PM IST

Sensex, Nifty continues to remain under-pressure

Sensex slipped 460 points, or 1.15%, to 39,630.74 while Nifty50 is at 11,874.95 plunging 146.70 points, or 1.22%.

06 Jun 2019, 12:49:19 PM IST

VK Vijayakumar of Geojit Financial comments on RBI

"The stock market had already baked in the policy response. Going forward, the market trends will be dictated by the movements in global bond yields and capital flows. The global growth slowdown concerns are likely to keep bond yields at low levels," said VK Vijayakumar, Chief Investment Strategist of Geojit Financial Services

06 Jun 2019, 12:47:27 PM IST

Sensex slips more than 300 points

The 30-share Sensex slipped 334 points, or 0.83, at 39,749.54 while Nifty was at 11,909.10 falling 112.55 points, or 0.94%.

06 Jun 2019, 12:30:46 PM IST

Nifty PSU Banks extend losses

The Nifty PSU Banks continue to slip post RBI cuts repo rate. Bank of Baroda, Syndicate Bank, Allahabad Bank, Bank of India and Union Bank were the worst performers plunging as much as 3.81%.

06 Jun 2019, 12:14:50 PM IST

Comment on RBI policy from Joseph Thomas of Emkay Global

“The RBI policy announcement is exactly on the same lines as expected by most of the market participants. The repo rate cut of 0.25% and the change of stance from neutral to accommodative is key to supporting the sagging economic growth. The projected growth has been lowered to 7%. The policy also has broad indications of more action on the liquidity front from the RBI in the coming days. This also confirms the commitment of the central bank to better transmission of the rate cut effects through liquidity," said Joseph Thomas, Head Research- Emkay Wealth Management.

06 Jun 2019, 12:12:41 PM IST

Nifty Bank continues to trade lower despite RBI rate cut

The Nifty Bank was trading lower post the Reserve Bank of India had cut rate by 25 bps to 5.75%. IndusInd Bank and Bank of Baroda were the biggest laggards falling 4.03% and 3.13% respectively.

06 Jun 2019, 12:04:54 PM IST

Highlights from the MPC meet

FY20 GDP growth forecast cut to 7% from 7.2%

H1FY20 GDP growth forecast cut to 6.4-6.7% from 6.8-7.1%

H2FY20 GDP growth forecast revised to 7.2-7.5% from 7.3-7.4%

MPC unanimously votes 6-0 for rate cut by 25 bps, stance change

06 Jun 2019, 11:59:22 AM IST

RBI-MPC says

"The MPC notes that growth impulses have weakened significantly as reflected in a further widening of the output gap compared to the April 2019 policy. A sharp slowdown in investment activity along with a continuing moderation in private consumption growth is a matter of concern," the MPC said. Meanwhile inflation remains below the mandated target. "Hence, there is scope for the MPC to accommodate growth concerns by supporting efforts to boost aggregate demand, and in particular, reinvigorate private investment activity, while remaining consistent with its flexible inflation targeting mandate," the MPC added in the statement.

06 Jun 2019, 11:57:37 AM IST

RBI cuts repo rate

The Reserve Bank of India had cut its repo rate by 25 basis points to 5.75%. The central bank also change stance to accommodative. This was the third consecutive rate cut by RBI. The reverse repo rate stands adjusted to 5.50%.

06 Jun 2019, 11:02:31 AM IST

Apollo Hospitals rises 3%

Shares of Apollo Hospitals were up 3% today. Shares of Apollo Hospitals Enterprise Ltd have risen sharply since it announced better-than-expected results late last week. (Read: Apollo Hospitals stock gets the royal treatment after strong Q4 results)

06 Jun 2019, 09:38:15 AM IST

Eros International Media shares plummet 20%

Shares of Eros International Media hit 20% lower circuit after Care Ratings downgraded its long-term bank facilities ratings, citing "ongoing delays/default in debt servicing due to slowdown in collection from debtors, leading to cash flow issues in the company."

06 Jun 2019, 09:34:22 AM IST

DHFL shares plunge

Shares of DHFL fell 14% today after rating agencies downgraded commercial papers (CP) of the company, citing delays in debt servicing.

DHFL, in a statement to exchanges on Wednesday, said: "The action by the rating agencies is extremely surprising as the company has been making and continues to make substantial efforts in ensuring no defaults on any bonds, repayment of its financial obligations. These actions are unwarranted and the company is seeking clarification on the rationale that predicts DHFL’s inability to service pay‐outs on the due dates. Such speculative rating rationale is not adequate."

06 Jun 2019, 09:18:13 AM IST

Brent oil sinks below $60

Brent crude futures tumbled below $60 a barrel after a report showed U.S. crude and fuel inventories ballooning by the most in almost 30 years, feeding fears of a glut as trade disputes threaten demand. The global benchmark fell as low as $59.45, the lowest since January.

06 Jun 2019, 09:10:48 AM IST

DHFL gets RBI's nod for sale of Avanse Financial to Warburg Pincus Group

The Reserve Bank of India has approved the sale of DHFL's stake in Avanse Financial to Warburg Pincus Group, DHFL said in a communication to the stock exchanges. DHFL board had on 16th March approved the divestment of the company's entire 30% shareholding in Avanse Financial Services Limited to Olive Vine Investment, an affiliate of the Warburg Pincus Group.