MARKET WRAP: Sensex dips 286 pts, Nifty ends at 10,856 despite RBI rate cut
All that happened in markets today
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A 35-basis point (bps) rate cut by the Reserve Bank of India (RBI) failed to lift the investor sentiment on Wednesday as the benchmark indices ended in the red.
The S&P BSE Sensex lost 286 points or 0.77 per cent to settle at 36,690.50, with HUL being the top gainer and M&M the biggest loser. The broader Nifty50 index ended the session at 10,855.50, down 93 points or 0.85 per cent.
On the sectoral front, rate-sensitive stocks took the biggest knock with Nifty Bank, Nifty Auto and Nifty Realty slipping 1 per cent to 2 per cent. Volatility gauge, India VIX climbed nearly 5 per cent to 16.88 levels.
The broader market fared better than the benchmark indexes. The S&P BSE MidCap index slipped 60 points, or 0.44 per cent, to 13,509, while the S&P BSE SmallCap index ended at 12,482 level, down 14 points or 0.11 per cent.
RBI POLICY
The Reserve Bank of India's (RBI's) monetary policy committee (MPC) on Wednesday decided to reduce the repo rate by 35 basis points (bps) to 5.40 per cent to help revive the economy. It was the fourth straight rate cut by the central bank in 2019. Consequently, the reverse repo rate now stands at 5.15 per cent. Click to read key highlights
BUZZING STOCKS
Shares of Mahindra & Mahindra (M&M) hit an over five-year low on the BSE in intra-day trade on Wednesday after the company reported a 26 per cent decline in its consolidated net profit before exceptional items at Rs 918 crore for June quarter (Q1FY20). The stock eventually settled at Rs 518.45, down nearly 6 per cent. READ MORE
Shares of Titan Company hit a six-month low of Rs 999, down 4 per cent intra-day on the BSE on Wednesday after it reported 6 per cent year-on-year (YoY) growth in standalone net profit at Rs 371 crore in the June quarter (Q1FY20), due to lower-than-expected revenue. The firm had posted a profit of Rs 349 crore in the year-ago quarter.
Shares of Titan Company hit a six-month low of Rs 999, down 4 per cent intra-day on the BSE on Wednesday after it reported 6 per cent year-on-year (YoY) growth in standalone net profit at Rs 371 crore in the June quarter (Q1FY20), due to lower-than-expected revenue. The firm had posted a profit of Rs 349 crore in the year-ago quarter.
GLOBAL CUES
A cautious calm returned to stock markets on Wednesday as softer rhetoric from Washington on the US-China trade war soothed investors. MSCI’s broadest index of Asia-Pacific shares outside Japan was slightly lower. Also easing the mood were signs that China is intervening to steady the yuan after its recent sharp fall, allaying investor fears of a global currency war.
3:45 PM
Sectoral losers and gainers on the NSE
3:44 PM
Top losers and gainers on the S&P BSE Sensex
3:34 PM
CLOSING BELL
The S&P BSE Sensex lost 286 points or 0.77 per cent to end at 36,691 levels while the NSE's Nifty50 index dropped 93 points or 0.85 per cent to settle at 10,856.
3:19 PM
MARKET CHECK | Top gainers on the BSE at this hour
3:01 PM
Earnings Alert | Cipla Q1 consolidated net profit at Rs 478.2 cr, up 6% YoY
- Revenue comes in at 3,989.02 cr, up 1.27% YoY
2:54 PM
S&P BSE Sensex stocks that hit fresh 52-week lows
| COMPANY | LATEST | 52 WK LOW | PREV LOW | PREV DATE | VOLUME |
|---|---|---|---|---|---|
| ITC | 255.25 | 254.95 | 257.60 | 05-AUG-2019 | 410074 |
| M & M | 524.20 | 522.40 | 538.95 | 01-AUG-2019 | 329280 |
| TATA MOTORS | 118.60 | 117.55 | 121.85 | 06-AUG-2019 | 2789597 |
| TATA MOTORS-DVR | 56.10 | 55.50 | 57.25 | 06-AUG-2019 | 791436 |
| TATA STEEL | 385.00 | 382.40 | 389.75 | 05-AUG-2019 | 735382 |
2:49 PM
Nifty sectoral indices at this hour
2:46 PM
Indiabulls Housing Finance extends fall to over 11%
2:43 PM
DHFL tumbles 10%
2:32 PM
CRUDE CHECK | Oil hits new seven-month low on Sino-US trade tensions
Brent crude futures were down 11 cents, or nearly 2%, at 1:53 pm to set a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April. US West Texas Intermediate (WTI) crude futures were flat at $53.63.
Topics : Markets MARKET WRAP
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First Published: Aug 07 2019 | 7:16 AM IST