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Apr 4, 2019

Closing Bell: Sensex ends 192 pts lower, Nifty below 11,600 even as RBI cuts rate

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Market at close: Benchmark indices ended lower but off day's low after Reserve Bank of India (RBI) slashed repo rate by 25 bps to 6 percent on April 4 as expected and kept the stance unchanged to Neutral.
At the close, the Sensex was down 192.40 points at 38,684.72, while Nifty was down 46 points at 11,598. About 1073 shares have advanced, 1426 shares declined, and 164 shares are unchanged. 
Top losers include TCS, HCL Tech, Hindalco Industries, BPCL and Yes Bank, while gainers were Indiabulls Housing, Zee Entertainment, Tata Motors, UltraTech Cement and Britannia Industries.
On the sectoral front, except auto, FMCG and pharma, all other indices ended in red led by IT, bank and energy.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-ends-192-pts-lower-nifty-below-11600-even-as-rbi-cuts-rate-3759791.html

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RBI cuts repo rate: 12 rate-sensitive stocks that will benefit the most

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The Reserve Bank of India (RBI) slashed repo rate by 25 bps to 6 percent on April 4 as expected and kept the stance unchanged to ‘Neutral’. This is the second rate cut in 2019.
“These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 percent within a band of +/- 2 percent while supporting growth,” the central bank said in a statement.
The MPC notes that the output gap remains negative and the domestic economy is facing headwinds, especially on the global front. The need is to strengthen domestic growth impulses by spurring private investment which has remained sluggish.
Rate cut usually acts as a sentiment booster and aid companies that have to service large debts. A cut by RBI injects liquidity in the economy. Loans with a low rate lead to an increase in buying interest in the consumer-driven economy which will help India Inc. to deliver strong earnings growth.
Top sectors which are likely to benefit the most from a rate cut are banking, NBFC, infrastructure and real estate. This rate cut will help in boosting demand and ease interest rate pressure on debt-heavy companies, suggest experts.
“If we look from the perspective of real estate sector the RBI rate cut will impact the home loan interest rate, this will allow the reduction in EMIs which will bring a positive impact on the sector's growth. IndiaBulls real estate and DLF are the two stocks which have some debt burden and seems to get the benefit of this rate cut,” Ritesh Ashar, CSO at KIFS Trade Capital told Moneycontrol.
“NBFC sector along with banks are also likely to get the benefit of this rate cut as the cost of funding will become low and there would be an improvement in the margin and in this space stocks like DHFL and Indiabulls Housing Finance looks quite promising,” he said.
Source:https://www.moneycontrol.com/news/business/stocks/rbi-cuts-repo-rate-12-rate-sensitive-stocks-that-will-benefit-the-most-3753751.html

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Apr 3, 2019

Gold gains as dollar eases; focus on US-China talks

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Gold gained on Thursday, supported by an easing dollar as investors awaited progress on the ongoing Sino-U.S. trade negotiations after reports showed that both sides were nearing a deal.
Spot gold rose 0.2 percent to $1,291.89 per ounce as of 0332 GMT. U.S. gold futures firmed 0.1 percent at $1,296.90 an ounce.
"One of the key issues would be the China-U.S. trade negotiations. There is a lot of optimism around the idea that we will see a peaceful resolution and some agreement really soon," said Michael McCarthy, chief market strategist, CMC Markets.
"However, if the trade talks drag out we could see further support for gold because of its implications for growth."
Gold is often seen as a safe investment during times of financial and political uncertainties.
A pause in the equities rally also helped the bullion. Asian shares held near an eight-month peak as investors awaited developments on trade talks.
Negotiations between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during talks this week, White House economic adviser Larry Kudlow said.
The dollar was trading near one-week low posted in the previous session after data showed U.S. services sector activity hit a more than 19-month low in March and private payrolls grew less than expected.
Market participants are now awaiting the U.S. nonfarm payrolls data, due on Friday, as it would offer insights on the strength of the U.S. economy.
A weak payrolls data could further weigh on the U.S. unit, making dollar denominated metals cheaper for investors holding other currencies.
Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, also fell for a third consecutive session on Wednesday. Holdings were at their lowest level since Dec. 17 at 24.57 million ounces.
Among other precious metals, spot platinum rose the most in more-than-two-years in the previous session to touch its highest level since end-June 2018 at $879.03 an ounce.
The auto-catalyst metal was down 0.2 percent at $872.93 an ounce on Thursday, while its sister metal palladium was up 0.3 percent at $1,409.15.
Silver dipped 0.3 percent to $15.09 per ounce.
Source:https://www.moneycontrol.com/news/business/markets/gold-gains-as-dollar-eases-focus-on-us-china-talks-3760881.html

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Sensex, Nifty open flat ahead of RBI meet; bank in focus

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Market Opens: It is flat start for the Indian indices ahead of RBI policy meeting.
At 09:19 hrs IST, the Sensex is up 45.55 points at 38922.67, while Nifty is up 5 points at 11649. About 523 shares have advanced, 307 shares declined, and 52 shares are unchanged. 
Indiabullls Housing, Hero Motocorp, Titan, UltraTech Cement, L&T, Vedanta, Bharti Airtel, SRF, Godrej Agrovet are among major gainer, while losers are Wipro, HCL Tech, Zee Entertainment, UPL, BPCL, JSW Steel and Tata Steel.
On the sectoral front, except IT and metal, all other sectoral indices are trading in green.
Rupee Opens: The Indian rupee opened lower by 11 paise at 68.53 per dollar on Thursday versus 68.42 yesterday.
Source:https://www.moneycontrol.com/news/business/markets/market-live-sensex-nifty-open-flat-ahead-of-rbi-meet-bank-in-focus-3759791.html

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Closing Bell: Indices revert gains in late trade as Nifty ends below 11,650; BPCL down 4%

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Market Close: Benchmark indices ended near day's low after Skymet predicts below normal monsoon due to developing El Nino.
Sensex and Nifty touched record high in the early trade today.
At close, the Sensex was down 179.53 points at 38877.12, while Nifty was down 69.20 points at 11,644. About 998 shares have advanced, 1574 shares declined, and 157 shares are unchanged 
BPCL, Zee Entertainment, IOC, SBI and GAIL were the top losers on the Nifty, while gainers were Indiabulls Housing, Maruti Suzuki, Bajaj Finserv, HCL Tech and JSW Steel.
All the sectoral indices ended in red led by PSU bank (down 2.5 percent) followed by pharma, infra, energy, IT, metal, auto and FMCG.
Source:https://www.moneycontrol.com/news/business/markets/closing-bell-indices-revert-gains-in-late-trade-as-nifty-ends-below-11650-bpcl-down-4-3751991.html

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