RBI rate cut fails to cheer markets; Nifty ends below 10,100 mark

All that happened in Wednesday's trade

9:02 AM

Auto sales peak

Domestic sales of passenger vehicles (cars, vans and utility vehicles) expanded at more than 15% in July — the highest pace in the first seven months of this calendar year. This growth, however, comes after a double-digit decline of 11% in June, when companies regulated sales to reduce dealers’ loss on pre-goods and services tax (GST) inventory. 

 

Six leading companies, including Maruti Suzuki, Mahindra & Mahindra (M&M), Honda and Toyota, recorded high double-digit growth, as they replenished the inventory at dealerships. Click here for detailed report

car sales

9:00 AM

Oil prices fall

Oil prices fell 1% on Wednesday, with rising US fuel inventories pulling US crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices.

8:58 AM

Earnings today

 

Street wil lalso keep an eye out for the corporate earnings to be announced today. As much as 48 companies are scheduled to report their Q1 results including Lupin, Reliance Infrastructure, Voltas, Wockhardt, Bata India, Capital First and Godrej Properties among others.

 

8:55 AM

RBI likely to cut interest rated by 25 bps

 

The Reserve Bank of India will likely cut its main policy rate on Wednesday by 25 bps to 6%, which is a more than 6-1/2 year low after inflation slumped to a more than five-year low of 1.54%. 

 

The question is whether the cautious central bank will signal readiness to ease more.

 

8:49 AM

Apple shares sail to record high

 

Apple delivered surprisingly strong fiscal third-quarter earnings and signalled that its upcoming 10th-anniversary phone lineup is on schedule, driving the stock up 6% to an all-time high. The stock climbed above its intraday record high to $159.10 after the company reported better-than-expected iPhone sales, revenue, and earnings per share. Apple also said it hit a milestone of 1.2 billion iPhones sold.

8:49 AM

SGX Nifty

 

The Nifty50 futures on the Singapore Stock Exchange were trading 14.5 points lower at 10,142 indicating a flat opening for the domestic market.

 

8:49 AM

Asian peers steady

MSCI's broadest index of Asia-Pacific shares outside Japan was steady in early trade, having hit its highest since late 2007.

 

Japan's Nikkei rose 0.5% while South Korean stocks edged up 0.2%, but Australia's benchmark fell 0.4%. 

8:48 AM

Wall Street

The Dow Jones Industrial Average racked up a fifth straight record high on Tuesday and neared the 22,000 mark, powered by Goldman Sachs, JPMorgan Chase and other banks. It has risen 11% in 2017.

 

The Dow rose 0.33% to a record-high close of 21,963.92. The S&P 500 gained 0.24% to 2,476.35 and the Nasdaq Composite added 0.23% to 6,362.94.

 

8:47 AM

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