Sensex tanks 554 pts, biggest one-day fall in 2019, despite RBI rate cut

All that happened in the markets today

4:04 PM

Stocks that hit 52-week low on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
BAYER CROP SCI.	3680.00	3601.00	-21.15	-0.57
CENTRAL BANK	24.75	24.50	-0.55	-2.17
DEWAN HSG. FIN.	93.90	91.50	-17.70	-15.86
ERIS LIFESCIENCE	510.10	500.00	4.15	0.82
FORTIS HEALTH.	121.90	121.90	-2.25	-1.81

4:03 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
DEWAN HSG. FIN.	93.90	-17.70	-15.86	6582147
HIMATSING. SEIDE	167.00	-26.65	-13.76	255664
RELIANCE INFRA.	84.95	-12.05	-12.42	3451026
GAIL (INDIA)	316.30	-42.20	-11.77	1681262
FDC	183.65	-19.75	-9.71	22610

4:02 PM

Heatmap: S&P BSE Sensex

4:01 PM

Nifty sectoral indices at close

4:01 PM

Market at close

3:33 PM

Market at close

The S&P BSE Sensex ended at 39,530, down 554 points while the broader Nifty50 index settled at 11,847, down 175 points.

3:13 PM

Anand Rathi on RBI rate cut

"RBI carried out the third successive rate cut. Low inflation and subdued growth are the drivers of the move. Yet, the real concern is lack of transmission of rate cuts into effective lending rate. Liquidity conditions also remain tight for large part of the corporate sector. Effective transmission and adequate liquidity remain key challenges."
 

-- Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers

3:06 PM

NEWS ALERT | Infosys in pact with Microsoft for digital services for real estate firms: CNBC TV18

2:58 PM

RBI to issue revised circular on NPA resolution norms in 3-4 days: Das

The Reserve Bank will issue a revised circular on bad loan recognition within the next three-four days, replacing the February 12 circular that was struck down by the apex court.

 

On April 2, the Supreme Court had declared as "ultra vires" the February 12 circular that mandated banks to label even a day's default as NPA. READ MORE

2:53 PM

NEWS ALERT | Crisil reaffirms Tata Power's long-term loan rating at AA-

- Revises the outlook to positive from stable

2:52 PM

NEWS ALERT | Bank Rate is revised downwards by 25 bps from 6.25% to 6.00% with immediate effect: RBI

2:50 PM

NEWS ALERT | RBI to release minutes of the MPC meeting on June 20

2:47 PM

RBI to issue draft guidelines for ‘on tap’ licensing of Small Finance Banks by the end of August 2019

2:41 PM

Nifty PSU Bank index slips 5% post RBI policy outcome

2:39 PM

NEWS ALERT |New cabinet committee readying plan for revival of MTNL, BSNL, reports CNBC TV18 quoting DoT official

- The revivial is being planned through proposed equity infusion of 4G spectrum.

2:35 PM

Nifty Bank index slips over 2% on concerns over DHFL

2:28 PM

Biggest losers of the day

Security	LTP (₹)	Change	% Change
SYNDIBANK	33.75	-2.95	-8.04
GHCL	242.00	-21.50	-8.16
GAIL	320.70	-37.80	-10.54
RELINFRA	86.20	-10.80	-11.13
DHFL	93.25	-18.35	-16.44

2:25 PM

COMMENT ON RBI POLICY :: Ajay Bodke, CEO and chief portfolio manager, Prabhudas Lilladher

2:24 PM

NEWS ALERT | Jindal Stainless eyeing a revenue of Rs 200 cr in the e-rickshaw market, reports CNBC TV18

- Forecast highest demand in Uttar Pradesh

2:23 PM

Market breadth in favour of decline as Sensex slips over 500 points

2:05 PM

Nifty sectoral indices at this hour

1:54 PM

Sensex sheds 500 pts after RBI cuts GDP growth forecast for FY20

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	39,581.67	-501.87	-1.25
S&P BSE SENSEX 50	12,360.27	-163.35	-1.30
S&P BSE SENSEX Next 50	32,589.54	-640.96	-1.93
S&P BSE 100	11,975.90	-168.60	-1.39
S&P BSE Bharat 22 Index	3,719.75	-79.75	-2.10

1:46 PM

Repo rate at lowest level in 9 years. Key takeaways from RBI's policy meet

As expected, the six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) unanimously voted to lower the repo rate by 0.25 per cent in its three-day monetary policy meet, which ended on Thursday. The repo rate that stands at 5.75 per cent post the Thursday’s review is the lowest in nine years. This the first time in 2019 when all members of the MPC (Dr. Chetan Ghate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Shri Shaktikanta Das) unanimously decided to reduce the policy repo rate by 25 basis and change the stance of monetary policy from neutral to accommodative. READ MORE

1:42 PM

YES Bank falls 3.8%

1:36 PM

Nifty Bank slips under 31,000

1:32 PM

COMMENT ON RBI POLICY :: R. K. Gurumurthy - Head Treasury, Lakshmi Vilas Bank

Bond prices have seen a broad based rally on the day, post policy.  With system liquidity close to 1 lac crore on the back of government spending and an OMO of 15k Cr to happen next week, the bond rally may have legs. One would however tread with caution as the budget is slated for early july 2019 where the fiscal road map would be key to bond-supply dynamics. Also, many expected direct measures/announcements on NBFC issues. RBI may wait and achieve that possibly with the recommendations of the working group on liquidity management

1:31 PM

Bank, auto, realty stocks trade lower despite 25 bps repo rate cut by RBI

Shares of interest rate sensitive sectors such as automobiles, real estate, and banking were trading weak despite the monetary policy committee (MPC) of the Reserve Bank of India (RBI) on Thursday reducing the repo rate by 25 basis points (bps) from 6 per cent to 5.75 per cent in the second bi-monthly monetary policy meet of the financial year 2019-20 (FY20). The policy stance was also changed to 'accommodative' from 'neutral'. READ MORE

Illustration by Binay Sinha

1:31 PM

COMMENT ON RBI POLICY :: Arvind Chari, Head – Fixed Income & Alternatives , Quantum Advisors

That the Repo rate has been cut below 6% and the stance has changed to accommodative has happened only twice in the last 20 years; Once post the Lehman crisis, 2008-2009 and the other post the dot com, global slowdown in 2002-2003 period. So it is not a common occurrence in India. We should also note that growth levels and prospects was way lower during those times to justify Repo rates well below 6%.

Bond yields may have further room to drop as the markets will except further rate cuts especially another 25 bps in August to take the Repo rate to 5.5%. 10 year bond government bond yield at around 6.9%, is still attractively valued as more rate cuts gets priced in. We expect another rate cut in August but will caution against too much exuberance.

1:30 PM

Market check

1:30 PM

Market check