Stock Market

Rate cut lifts Sensex 162pts, Nifty above 7800; metals melt

Today’s late volatility (despite RBI cuts repo rate by 50 basis points to boost economy) indicated that investors may want to book profits on every rally amid global growth concerns, say experts, who expect economy recovery in next calendar year.

16:28

Chillicious Team

Rate cut lifts Sensex 162pts, Nifty above 7800; metals melt

Equity benchmarks managed to close positive amid late volatility on Tuesday. The Sensex rallied more than 400 points intraday after the RBI surprised with 50 basis points rate cut but some bit of profit booking in last hour of trade wiped out more than half of gains, pushing index below 26000-mark. However, indices lost more than 1 percent in morning trade before RBI policy announcement.


The 30-share BSE Sensex rose 161.82 points or 0.63 percent to 25778.66 and the 50-share NSE Nifty climbed 47.60 points or 0.61 percent to 7843.30 after hitting an intraday high of 7926.55 & low of 7691.20.


Today’s late volatility (despite RBI cuts repo rate by 50 basis points to boost economy) indicated that investors may want to book profits on every rally amid global growth concerns, say experts, who expect economy recovery in next calendar year.


Overall, the policy was more forward looking and trying to address a slowing economy as the global growth looks anaemic at this stage, says Dilip Bhat, joint MD at Prabhudas Lilladher.


“While the domestic markets may see this as a positive the stock market direction will depend on the global cues,” he adds.


The Reserve Bank of India governor Raghuram Rajan in fourth bi-monthly monetary policy today slashed repo rate by 50 basis points to 6.75 percent, the lowest in four-and-half-years. It was double of what analysts had expected and the biggest in more than three years.

More to come…

14:14

HDFC, Maruti Suzuki, M&M, Coal India, Larsen & Toubro and IndusInd Bank topped the buying list, up 1-3.5 percent. However, Vedanta crashed 5.4 percent followed by Tata Steel, Hindalco, BPCL and Adani Ports with 3-4 percent loss.

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13:00

The rupee recovered sharply from day’s low while bond yields declined nearly 2 percent after the Reserve Bank of India surprised with repo rate cut. The currency rebounded to 66.03 a dollar in afternoon trade compared to opening value of 66.35 a dollar.

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12:00

Pharma, metals and telecom stocks remained under pressure while select technology, capital goods and banking & financials supported the market.

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11:00

The market recovered sharply with the Nifty hitting 7800-mark after the Reserve Bank of India surprisingly cut repo rate by 50 basis points.

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10:00

According to a CNBC-TV18 poll, majority of analysts expect 25 basis points rate cut. The market may recover if RBI surprises with 50 basis points rate cut.

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09:15

Vedanta, ICICI Bank, Tata Steel, Hindalco, Dr Reddy’s Labs and Cairn India topped the selling list, down 2-4 percent.

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