MARKET WRAP: Sensex slips 71 pts as RBI holds repo rate; financials decline

All that happened in the markets today

3:45 PM

Sectoral trends at NSE at close

3:44 PM

Sensex heatmap at close

3:33 PM

Closing Bell

-- The benchmark S&P BSE Sensex closed at 40,780 level, down 71 points or 0.17 per cent.

-- On the NSE, the Nifty50 index settled at 12,011 level, down 33 points or 0.27 per cent.

3:21 PM

NEWS ALERT | Coal ministry approves allocation of 5 coal mines put up on auction in Nov: CNBC TV18

2:58 PM

Whirlpool enters list of top 100 Indian firms by m-cap; stock hits new high

Shares of Whirlpool of India continued their northward journey for the fourth straight day on Thursday and hit a new high of Rs 2,407, up 4 per cent, on the BSE on consistently strong financial performance. In the past four trading days, the stock has rallied 12 per cent, as compared to less than 1 per cent rise in the S&P BSE Sensex. A sharp gain in the market price has seen the consumer electronics company enter the list of top 100 companies with highest market capitalisation. READ MORE

2:56 PM

Sector watch | Metals lose shine; index trades over 2% lower

2:48 PM

Market check | Sharp slide in Sensex

2:40 PM

Stocks that hit 52-week high on BSE500 today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
GUJARAT GAS	223.00	227.55	6.35	2.93
ICICI BANK	529.95	537.30	0.60	0.11
MAS FINANC SER	769.55	782.35	51.70	7.20
NESCO	644.40	666.30	34.55	5.67
POLYCAB INDIA	1057.25	1090.80	63.85	6.43

2:24 PM

IT stocks under pressure

2:23 PM

Market check

2:17 PM

NEWS ALERT | Pennar Inds bags order worth Rs 302 cr

2:07 PM

Expert Comment :: Dhiraj Relli, MD & CEO, HDFC Securities on RBI policy outcome

The outcome of the MPC meet of the RBI indicates that the RBI is worried about the rising inflation which may not come down till atleast February 2020 and GDP may not rise materially till Q4FY20 as domestic and external demand conditions have remained weak. Hence it thought prudent not to cut rates at this juncture. Instead it has nudged the Govt to cut interest rates on small savings scheme so that interest rate transmission becomes faster. Capacity utilization that has touched a low of 68.9% in Q2FY20 needs to revive soon. It has also tightened norms for UCBs. Though the stock market participants could be disappointed by the no-repo-rate-cut action, we think that the participants are mature enough to understand the prudence of the Central Bank which means that the markets may not react downwards sharply due to this disappointment.  

1:45 PM

EXPERT COMMENT | Ravikant Bhat, Senior Analyst - BFSI, IndiaNivesh

‘’RBI MPC surprised with a unanimous preference for status quo on policy rates, despite observing there was room for a rate cut, due to, as Governor stated, slow transmission of earlier rate cuts. The onus clearly shifts to banks, which in our view, shall have to hasten transmission on non-repo linked loans’’.

1:42 PM

EXPERT COMMENT | Nikhil Gupta, Chief Economist, Motilal Oswal Financial Services

As against almost unanimous expectation, the RBI has kept all policy interest rates unchanged. Repo and reverse repo rates stay at 5.15% and 4.90% respectively. Decision was taken with 6-0 vote. 2HFY20 real GDP growth forecast is cut from 6.6-7.2% to 4.9-5.5%. Growth forecast for 1HFY21 also revised down from 7.2% to ~6%. Inflation forecasts for Nov-Mar FY20 revised down from 3.5-3.7% earlier to 4.7-5.1% now and it is expected to be at 3.8-4.0% in 1HFY21. Overall, today's status quo increases the credibility of RBI's inflation mandate. We had always believed that today's cut would be the last rate cut in this cycle. We continue to maintain that there will be no more rate cuts now unless inflation falls back towards 4%. It implies that any rate cut is unlikely in the next one year.

1:29 PM

S&P BSE Midcap index trade flat with negative bias

1:12 PM

MARKET CHECK | India VIX jumps nearly 10%

1:07 PM

Nov Auto Sales | Force Motors

-- Total sales come in 42% higher at 2,112 units in November vs 1,489 units in Nov '18

1:05 PM

NEWS ALERT | As a regulator, RBI's role starts & ends with referring an NBFC to the NCLT: Shaktikanta Das, RBI guv

12:52 PM

Brokerage views: RBI keeps rates steady, cuts GDP growth estimates

"Today’s status quo on repo rates came as a surprise as consensus was for a 25 bps rate cut. However RBI continues with its accommodative stance given its outlook for moderation in inflation below 4 per cent by H1 FY21. The concerns on relatively higher inflation (4.7-5.1 per cent) expected in the near term has led to the pause in rate cuts," said Arun Kumar, head of research at FundsIndia. 

12:43 PM

NEWS ALERT | Won't hesitate to prevent collapse of any large NBFC: Shaktikanta Das

-- Have a fairly good idea as to which NBFCs are vulnerable

-- Top 50 NBFCs are being regularly monitored

12:39 PM

Expert Comment :: Deepthi Mary Mathew, Economist at Geojit Financial Services on RBI policy decision

It was an unexpected move with the RBI keeping the repo rate unchanged at 5.15 percent, as the market expected 25 bps cut in repo rate. With the RBI following a inflation targeting regime, the Central Bank focused on maintaining the inflation rate within the target range The rising food inflation posed a challenge to the Central Bank in cutting the rates. However, by maintaining the accommodative stance, there is room for rate cuts in the future.

12:35 PM

Market check | Sensex back in the green

12:34 PM

RUPEE CHECK

12:30 PM

NEWS ALERT | RBI, govt working in coordinated manner to revive the economy: Shaktikanta Das

-- Revival of growth is a national issue

12:29 PM

NEWS ALERT | Timing of rate cut is important, it's impact needs to be optimized: Shaktikanta Das

12:27 PM

NEWS ALERT | Hike in telecom tariff to impact core inflation: Shaktikanta Das

12:26 PM

NEWS ALERT | Not worried, but need to have more clarity on fiscal measures to be taken: Shaktikanta Das

12:25 PM

MARKET CHECK

12:25 PM

NEWS ALERT | Have seen green shoots in growth, but too early to have a view: Shaktikanta Das

12:22 PM

RBI surprise: Repo rate left unchanged; FY20 GDP forecast lowered to 5%

Springing a surprise, the monetary policy committee of the Reserve Bank of India (RBI) maintained the repo rate at 5.15 per cent points (bps) in its fifth bi-monthly monetary policy meeting of the financial year 2019-20 (FY20) on Thursday. The three-day rate-setting meet started on Tuesday (December 3). In its October meet, the RBI had cut interest rate by 25 bps to 5.15 per cent.

 

Repo rate is the rate at which the RBI lends money to commercial banks, in case of any shortfall of funds. Consequently, the reverse repo rate stands unchanged at 4.90 per cent READ MORE

Reserve Bank of India Governor Shaktikanta Das