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MARKET WRAP: Sensex ends 434 pts lower as RBI cuts GDP forecast; banks slip

All that happened in markets today.

SI Reporter New Delhi
Britain votes to leave EU, Cameron quits, markets rocked

3 min read Last Updated : Oct 04 2019 | 3:57 PM IST

3:47 PM

MARKET COMMENT :: Motilal Oswal, MD, Motilal Oswal Financial Services

RBI cut policy repo rates by 25 bps to 5.15%. The issue is, however, the transmission of these rates in the system. It is a dichotomy that the one who needs money does not get it, and the one who is offered does not need it!
 
Equity markets are  cautious about the earnings season, which at this juncture looks less enthusiastic. There is a possibility that equity markets will trade cautiously and range-bound. In medium-to-long term. That said, there are good investment opportunities available.

3:42 PM

MARKET COMMENT :: Vinod Nair, head of research at Geojit Financial Services

Despite RBIs and Govt’s synchronized effort to offset a slowdown in the economy, investors have taken a pessimistic view due to continued downward revision in GDP estimate and new stress in the banking system. The Govt’s measures do have the potential to enhance consumption and spur investment but lag in transmission of cumulative rate cuts is adding a layer of complexity in the recovery

3:41 PM

Here's how Nifty Bank did today

3:40 PM

Nifty snapshot

3:39 PM

HDFC Bank, ICICI Bank contribute most to Sensex's fall today

(Image source: BSE)

3:38 PM

Sensex slides as financials drag

Banks pull index down; IT stocks stem fall


3:35 PM

CLOSING BELL

The S&P BSE Sensex slipped 434 points or 1.14 per cent to end at 37,673.31, while NSE's Nifty50 breached the crucial 11,200 level to close at 11,174.75, down 139 points or 1.23 per cent.

3:13 PM

NEWS ALERT | Fitch affirms Canara Bank's viability rating at BB- & PNB's At B

3:12 PM

BUZZING STOCK | Titan Co slumps around 4%

3:11 PM

Market check

2:57 PM

Q2 earnings: Top IT services companies likely to report steady growth

Top IT services companies are likely to report steady growth in earnings during the second quarter of the financial year though revenue increase on year-on-year is likely to take a hit owing to uncertainties in the macro environment. Though deal closures are likely to be affected compared to previous quarters, Infosys and HCL Technologies are expected to lead in revenue growth following the ramping up of some of their major outsourcing contracts. READ MORE

2:45 PM

RUPEE CHECK

(Source: Bloomberg)

2:42 PM

NEWS ALERT | Govt has also taken note of the higher inflation projection, which is within the RBI's median band of 3-4 per cent: Fin Min

2:41 PM

NEWS ALERT | Govt has taken note of the RBI's revised growth projection for GDP: Fin Min

Alert: RBI revised the FY20 GDP to 6.1% from 6.9% earlier

2:40 PM

NEWS ALERT | The RBI's measure to cut repo rate from 5.4% to 5.15% will complement govt's recent measures to accelerate growth: Fin Min

Union Finance Minister Nirmala Sitharaman

Topics :MarketsMARKET WRAP

First Published: Oct 04 2019 | 7:21 AM IST