Sensex, Nifty lower for second straight session as RBI keeps rates unchanged
05 December 2018
Market at Close: It’s a negative close for the market for second consecutive session as investors reacted to the stance on interest rates by the Reserve Bank of India. The Monetary Policy Committee (MPC) kept interest rates unchanged, but sharply cut the inflation targets for October-March.
However, equity benchmarks are off their low points as the Sensex had cracked over 300 points, while the Nifty tested 10,750-mark.
Selling was visible across all major sectors, with automobiles, banks, consumption, infrastructure, metals and pharma ending in the red. The Nifty Midcap was down over a percent.
At the close of market hours, the Sensex was down 249.90 points or 0.69% at 35884.41, while the Nifty was lower by 80.20 points or 0.74% at 10789.30. The market breadth was negative as 799 shares advanced, against a decline of 1,744 shares, while 145 shares were unchanged.
HUL and HDFC were the top gainers, while Sun Pharma, Tata Steel, and Hindalco lost the most.
Buzzing stock: Non-banking finance companies' stocks, which come under Nifty Financial Services index that last 0.2 percent, were also under pressure. Barring Edelweiss Financial (up 3 percent), HDFC (up 2 percent) and HDFC Bank (up 0.65 percent), all other stocks were trading in the red.
M&M Financial, Indiabulls Housing Finance, Bajaj Finserv, Shriram Transport, Bajaj Finance, IIFL Holdings and Bharat Financial were down 1-5 percent.
RBI POLICY OUTCOME OUTLOOK
"The reduction in inflation forecast to 2.7% -3.2% from 3.9%-4.5% should have ideally lead to lesser hawkish monetary policy. As the shift in policy stance was done in the last meeting it was difficult for RBI to reverse the same. If one sees continued benign data on inflation front, then one can hope for increased liquidity from rbi going forward to support credit growth," Abhimanyu Sofat, Head of Research, IIFL Securities, said in a statement.
Market Update: At 14:59 hrs IST, the Sensex is down 327.31 points or 0.91% at 35807.00, and the Nifty down 110.30 points or 1.01% at 10759.20. The market breadth is negative as 669 shares advanced, against a decline of 1,745 shares, while 148 shares were unchanged.
Market Update: Equity benchmarks have extended their losses, with the Nifty well below 10,800.
The Sensex is down 290.15 points or 0.80% at 35844.16, while the Nifty is down 101.40 points or 0.93% at 10768.10. The market breadth is negative as 702 shares advanced, against a decline of 1,686 shares, while 145 shares were unchanged.
Automobile, banks, consumption, infrastructure, metals and pharma are in the red, while the Nifty Midcap index is down around 2 percent.
HUL, HDFC, and HCL Technologies are the top gainers, while Sun Pharma, Vedanta, and Hindalco have lost the most.
Market Update: Benchmark indices are under pressure on Wednesday afternoon ahead of RBI meet outcome. Sensex is down 250 points, while Nifty is trading below 10,800 level.
The Sensex is down 256.94 points at 35877.37, while Nifty is down 86.60 points at 10782.90. About 715 shares have advanced, 1640 shares declined, and 127 shares are unchanged.
Sun Pharma, Vedanta, Tata Steel, Tata Motors and M&M are the top losers on the Sensex.
Market Update: Equity benchmarks continued to trade lower ahead of RBI MPC’s meeting outcome.
The Sensex is down 231.16 points or 0.64% at 35903.15, while the Nifty is lower by 87.30 points or 0.80% at 10782.20. The market breadth is negative as 626 shares advanced, against a decline of 1391 shares, while 101 shares were unchanged.
Force Motors Hits 52-Week Low
Force Motors shares fell 1.7 percent in morning to hit a fresh 52-week low of Rs 1,650 after the dismal sales performance in November 2018.
The company sold 1,489 vehicles in month gone by, which was 11.7 percent higher compared to same month last year.
The Pune-based Abhay Firodia Group's flagship company had sold 1,687 units in November 2018.
Kridhan Infra wins order: Company's associate company Vijay Nirman Company has received a LoI (Letter of Intent) worth Rs 105 crore.
The company has been mandated to construct major and minor bridges, etc. for Package 4 of the Mumbai-Nagpur Super Communication Expressway in Maharashtra. The project is expected to be completed over a period of 12 months, company said in release.
Buzzing: Shares of Tata Motors fell by around 3 percent in early trade after S&P Global Ratings downgraded the company's credit rating.
The rating agency downgraded its rating on Tata Motors' issue credit and senior unsecured notes to "BB-/negative watch" from "BB".
Market Opens: Benchmark indices started the day with 0.5 percent cut with Sensex slipped below 36,000 level, while Nifty is trading around 10,800 level.
Indiabulls Housing, Tata Motors DVR, Adani Power, Zee, Bharat Forge, Kesoram Industries and DHFL are trading lower, while Jet Airways, ONGC, Adani Ports are trading higher.
The Sensex is down 166.52 points at 35967.79, while Nifty is down 51.50 points at 10818. About 215 shares have advanced, 591 shares declined, and 41 shares are unchanged.
Market at pre-opening: Benchmark indices are trading mixed in the pre-opening session with Nifty is below 10,850 level.
At 09:04 hrs IST, the Sensex is down 24.60 points or 0.07% at 36109.71, and the Nifty down 30.20 points or 0.28% at 10839.30.
Bajaj Auto, Kesoram Industries are trading higher, while Tata Motors is down 2 percent.
Crude Update: Oil prices fell 1 percent on Wednesday, weighed down by swelling US inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds.
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 52 points or 0.48 percent. Nifty futures were trading around 10,860.50-level on the Singaporean Exchange.
Wall Street slips 3%: Wall Street tumbled more than 3 percent on Tuesday, led lower by bank and industrial shares, as the US bond market sent unsettling signs about economic growth and investors worried anew about global trade.