MARKET WRAP: Sensex down 192 pts, Nifty ends at 11,598 after RBI rate cut

All that happened in markets today

Benchmark indices settled in the negative territory on Thursday while the rupee also dropped 60 points against the US dollar after the Reserve Bank of India (RBI) cut the repo rate by 25 basis points to 6 per cent in the first bi-monthly monetary policy meet of the financial year (FY) 2019-20.

The S&P BSE Sensex shed 192 points or 0.49 per cent to settle at 38,685. Reliance Industries, TCS, Infosys, ICICI Bank and IndusInd Bank contributed the most to the index's decline. Out of 30 components, 17 scrips ended in the red.

The Nifty50 index of the National Stock Exchange (NSE) ended below 11,600 level at 11,598, down 46 points or 0.39 per cent. Except the Nifty Auto, Nifty FMCG, Nifty Media and Nifty Pharma, all other indices ended in the red, with Nifty IT index and Nifty Private Bank index dropping 1.37 per cent and 0.82 per cent, respectively.

In the broader market, the S&P BSE MidCap index ended 21 points or 0.14 per cent lower at 15,413, while the S&P BSE SmallCap index closed the day at 14,938, down 47 points or 0.32 per cent.

Market breadth remained in favour of declines as out of 2,699 companies traded on BSE, 1,449 declined and 1,076 advanced while 174 scrips remained unchanged.

BUZZING STOCKS

Shares of interest rate sensitive sectors like the bank, real estate, and automobiles ended mixed on the bourses after the Reserve Bank of India (RBI) on Thursday cut the repo rate by 25 basis points. The Nifty Bank index and Nifty Realty index slipped 0.63 per cent and 0.07 per cent, respectively, while Nifty Auto index gained 0.66 per cent.

Jet Airways (India) pared initial losses to end the day 3.52 per cent higher at Rs 259.95.

Pidilite Industries shares traded higher for the fifth straight day, and ended almost 1 per cent higher, at Rs 1,288 on the BSE.

SRF shares gained 4.47 per cent to end at Rs 2,487.10 but also hit the 52-week high of Rs 2,500 in intra-day trade after the company informed about the resumption of operations at its Gujarat plant at the earliest.

GLOBAL CUES

European and Asian shares stepped back from eight-month highs on Thursday, as investors took money off the table amid fresh concerns about U.S.-China trade talks and as dire data from Germany signalled trouble for Europe.

MSCI’s broadest index of Asia shares also lost 0.4 per cent overnight after five straight days of gains had taken it to the highest level since late August. Chinese shares were firmer with the blue-chip index up 0.6 per cent while Japan’s Nikkei paused near a recent one-month top.

(With inputs from Reuters)

3:38 PM

Sectoral gainers and losers of the day

3:37 PM

Top gainers and losers on S&P BSE Sensex at close

3:36 PM

MARKET AT CLOSE

The S&P BSE Sensex shed 192 points or 0.49 per cent to settle at 38,685, while the NSE's Nifty50 index slipped to end at 11,598, down 46 points or 0.39 per cent.

3:12 PM

Knight Frank India on RBI rate cut

"We are delighted with the second consecutive rate cut announced today which ushers an era of falling interest rate regime. We hope that the reduction in rate are passed on by the banks to the home buyers. Lower interest rates, along with the recent reduction in GST rates for under construction properties, should provide the fillip to end user demand. The real estate sector has been looking forward to such stimuli to boost sales velocity.”

-- Shishir Baijal, Chairman & Managing Director, Knight Frank India

2:56 PM

Most active stocks by volume (BSE500)

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
WIPRO	257.50	-4.00	-1.53	44671623
REL. COMM.	3.42	-0.17	-4.74	19318053
VODAFONE IDEA	15.10	-0.85	-5.33	5857509
SUZLON ENERGY	6.52	0.00	0.00	5449639
REDINGTON INDIA	97.50	-0.30	-0.31	4588221

» More on Most Active Volume

2:50 PM

Top gainers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
ORIENT CEMENT	90.65	5.10	5.96	35818
SWAN ENERGY	116.80	5.85	5.27	134330
FORCE MOTORS	1765.75	86.00	5.12	68460
LAK. VILAS BANK	88.35	4.20	4.99	1925406
INTERGLOBE AVIAT	1422.90	57.75	4.23	93359

» More on Top Gainers

2:43 PM

IndusInd Bank falls 2.6%

2:36 PM

HDFC hits all-time high of Rs 2,057; gains 11% in one month

Housing Development Finance Corporation Limited (HDFC) shares hit an all-time high of Rs 2,057, up 2.3 per cent, in intra-day trade on the BSE on Thursday after the Reserve Bank of India (RBI) cut the repo rate by 25 basis points to 6 per cent in the first bi-monthly monetary policy meet of the financial year (FY) 2019-20. READ MORE

2:28 PM

BNP Paribas on RBI rate cute

“The RBI’s 25BPS repo rate cut, as well as, the RBI’s decision to maintain the neutral monetary policy stance was largely in line with market expectations. However, the downward revision on GDP growth and CPI inflation forecast indicates some caution from the regulator. The Governor’s clarification that RBI continues to be dedicated to upholding credit discipline, and that it will be coming out with steps (in accordance with the process desired by the apex court) for NPA resolutions may be viewed as a relief for banks. By allowing banks to reckon an additional 2% of G-Secs within the mandatory SLR requirement, for the purpose of computing LCR, in a phased manner would help provide further liquidity in the system, and in our view, is positive for banks.”

-- Lalitabh Shrivastawa, AVP Research, Sharekhan by BNP Paribas

2:16 PM

TCS slips 2.8%

2:06 PM

Repco Home Finance gains 5.33%

1:52 PM

Force Motors surges 11% post March sales numbers

Shares of Force Motors moved higher by 11 per cent to Rs 1,869 on the BSE on Thursday on the back of heavy volumes after the company reported total sales of 4,117 units in March. The stock hit an intra-day low of Rs 1,661 today. READ MORE

1:46 PM