MARKET WRAP: Sensex ends 109 pts lower, Nifty at 10,593 ahead of RBI policy
Bharti Airtel and Larsen & Toubro were among the top losers in BSE Sensex today, while Tata Steel was the top gainer, which rose around 1%.
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The markets ended lower on Tuesday ahead of the outcome of Reserve Bank of India's (RBI's) second monetary policy review of 2018-19, which is due on Wednesday, June 6.
The S&P BSE Sensex ended at 34,903, down 109 points while the broader Nifty50 index settled at 10,593, down 35 points.
Among individual stocks, Bharti Airtel and Larsen & Toubro were among the top losers in BSE Sensex today, while Tata Steel was the top gainer, which rose around 1%.
An increasing number of economists expect the Reserve Bank of India (RBI) to raise interest rates on Wednesday, a Reuters poll found, but most still think the central bank will stay on hold and use this week’s meeting to prepare for an August hike.
In a snap poll of 56 economists taken after gross domestic product data on Thursday, 26 of those respondents, or about 46 percent, expect the RBI to take the repo rate higher at the June 6 meeting.
Among macro data released earlier today, activity in India’s service industry shrank in May for the first time in three months as new orders stagnated, but business optimism was the highest since 2015 on expectations that demand will turn around, a business survey showed.
The Nikkei/IHS Markit Services Purchasing Managers’ Index fell to 49.6 in May from April’s 51.4, sinking below the 50-mark that separates growth from contraction.
GLOBAL MARKETS
Globally, Asian stocks dipped on Tuesday as the markets took a breather after the previous day’s rally, although tech-inspired Wall Street gains helped limit the losses, with investor focus moving away from trade concerns and back to benign economic fundamentals.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.1 per cent after surging 1.4 per cent the previous day.
Japan's Nikkei gained 0.2 per cent and South Korea's KOSPI lost 0.3 per cent.
(with Reuters inputs)
3:46 PM
Nifty IT index slips 1.37%. Top losers:
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) |
| KPIT TECH. | 260.35 | 278.70 | -18.35 | -6.58 |
| INFIBEAM INCORP. | 154.25 | 162.60 | -8.35 | -5.14 |
| TATA ELXSI | 1161.10 | 1203.85 | -42.75 | -3.55 |
| WIPRO | 255.25 | 260.15 | -4.90 | -1.88 |
| HCL TECHNOLOGIES | 885.05 | 900.70 | -15.65 | -1.74 |
3:40 PM
Nifty sectoral losers
3:38 PM
BSE Sensex: Tata Steel ends 1.08% higher, Bharti Airtel falls 2.11%
3:31 PM
Market at close
The S&P BSE Sensex ended at 34,903, down 109 points while the broader Nifty50 index settled at 10,593, down 35 points.
3:17 PM
Japan's Sharp Corp said it will buy Toshiba Corp's personal computer business for 4 billion yen ($36 million), highlighting its recovery under the control of Foxconn and marking a return to a business it quit eight years ago. READ MORE
Japan's Sharp to buy Toshiba PC business for $36 million
Japan's Sharp Corp said it will buy Toshiba Corp's personal computer business for 4 billion yen ($36 million), highlighting its recovery under the control of Foxconn and marking a return to a business it quit eight years ago. READ MORE
3:00 PM
Nifty Infra index nears 52-week low ahead of RBI monetary policy
Shares of infrastructure companies were under pressure with Nifty Infra index falling nearly 2% on Tuesday, trading close to its 52-week low ahead of the Reserve Bank of India's (RBI) second monetary policy review of 2018-19 on Wednesday, June 6, 2018. READ MORE
2:44 PM
RBI POLICY PREVIEW Emerging-market selloff may force RBI to hold interest rates in MPC meet
An emerging-market selloff that’s hit India hard presents its central bank with a choice: hold interest rates steady to keep the economy motoring or follow the example of the Philippines and Indonesia by raising to stem market pressure.
The nation’s currency is down about 5 per cent against the dollar this year and yields have spiked on government and corporate bonds. While those moves would argue for a rate increase, most economists aren’t convinced it will come on Wednesday. Of the 35 analysts surveyed by Bloomberg, 25 predict the monetary policy panel will hold the benchmark repurchase rate at 6 per cent READ MORE
2:42 PM
BEML aims to double its defence vertical revenue in FY19
Public sector engineering major, Bharat Earth Movers Limited (BEML) is betting big on the defence vertical with a plan to double its revenues from this segment in the current financial year. The defence segment accounted for around 17 per cent of the company’s overall revenue of Rs 33 billion in the financial year ended March 2018. READ MORE
2:28 PM
Top BSE500 losers
» More on Top Losers
| COMPANY | PRICE() | CHG() | CHG(%) | VOLUME |
|---|---|---|---|---|
| KEI INDS. | 386.10 | -68.35 | -15.04 | 147056 |
| H D I L | 21.90 | -2.45 | -10.06 | 1618962 |
| AVANTI FEEDS | 1356.00 | -133.60 | -8.97 | 95505 |
| V-MART RETAIL | 2022.80 | -187.20 | -8.47 | 3006 |
| IDEA CELLULAR | 57.65 | -5.10 | -8.13 | 2148727 |
2:16 PM
Gold slips on sluggish demand, weak global cues
Gold prices softened by Rs 50 to Rs 31,600 per ten gram at the bullion market today on sluggish demand from local jewellers amid weak trend overseas. Traders said tepid demand from local jewellers and retailers at domestic spot market and a weak trend overseas weighed on gold prices. READ MORE
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First Published: Jun 05 2018 | 3:30 PM IST