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News End-Session

 
Sensex, Nifty advance after RBI policy
06-Jun-18   16:58 Hrs IST

Domestic stocks logged modest gains in steady session of trade after the central bank maintained its neutral stance while raising repo rate by 0.25%. The barometer index, the S&P BSE Sensex, gained 275.67 points or 0.79% to settle at 35,178.88. The Nifty 50 index rose 91.50 points or 0.86% to 10,684.65. The Sensex settled above the psychologically important 35,000 mark after regaining that level in morning trade.

All the six members of RBI's monetary policy meeting have voted in favour of a rate hike, while maintaining a neutral stance today, 6 June 2018. On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.25%.

Consequently, the reverse repo rate under the LAF stands adjusted to 6%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.50%. The decision of the MPC is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The barometer index, the S&P BSE Sensex, gained 275.67 points or 0.79% to settle at 35,178.88, its highest closing level since 1 June 2018. The Sensex rose 327.33 points, or 0.94% at the day's high of 35,230.54 in mid-afternoon trade. The index fell 6.84 points, or 0.02% at the day's low of 34,896.37 in early trade.

The Nifty 50 index rose 91.50 points or 0.86% to 10,684.65, its highest closing level since 1 June 2018. The Nifty rose 105.20 points, or 0.99% at the day's high of 10,698.35 in mid-afternoon trade. The index fell 5.65 points, or 0.05% at the day's low of 10,587.50 in early trade.

Among secondary barometers, the BSE Mid-Cap index rose 1.28%. The BSE Small-Cap index rose 1.53%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1668 shares rose and 967 shares fell. A total of 122 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (up 2.32%), the S&P BSE Metal index (up 1.72%), the S&P BSE Auto index (up 1.57%) outperformed the Sensex. The S&P BSE Oil & Gas index (up 0.25%), the S&P BSE Bankex (up 0.57%), the S&P BSE IT index (up 0.97%) underperformed the Sensex.

Bharti Airtel (up 4.55%), Sun Pharmaceutical Industries (up 3.21%) and Coal India (up 1.98%) were the major Sensex gainers.

Most private sector bank stocks rose. RBL Bank (up 0.91%), Yes Bank (up 0.7%), IndusInd Bank (up 0.55%), Axis Bank (up 0.08%), Federal Bank (up 1.09%) and Kotak Mahindra Bank (up 0.9%) edged higher. ICICI Bank (down 0.04%), HDFC Bank (down 0.07%) fell.

Public sector banks were in demand. Allahabad Bank (up 8.82%), Indian Bank (up 5.65%), Union Bank of India (up 3.73%), Syndicate Bank (up 3.18%), Andhra Bank (up 2.53%), Punjab National Bank (up 2.36%), Bank of India (up 2.78%), Dena Bank (up 1.29%), Canara Bank (up 2.76%), State Bank of India (up 2.43%) and Bank of Baroda (up 2.03%) rose.

Auto stocks rose after the Reserve Bank of India hiked the policy repo rate by 25 basis points while maintaining its neutral stance. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.

Tata Motors (up 3.56%), Ashok Leyland (up 1.64%), Maruti Suzuki India (up 0.69%), Bajaj Auto (up 1.78%), Escorts (up 0.91%), Mahindra & Mahindra (M&M) (up 1.42%), Eicher Motors (up 2.2%), Hero MotoCorp (up 1.2%) and TVS Motor Company (up 0.33%) gained.

Realty stocks rose after the Reserve Bank of India hiked the policy repo rate by 25 basis points while maintaining its neutral stance. Purchases of both residential and commercial property are largely driven by finance.

Peninsula Land (up 10.77%), Indiabulls Real Estate (up 2.81%), Unitech (up 2.45%), Godrej Properties (up 2.76%), Phoenix Mills (up 0.43%), DLF (up 0.63%) and Oberoi Realty (up 1.63%) edged higher. Prestige Estates Projects (up 1.03%) and Housing Development and Infrastructure (4.39%) fell.

State-run NMDC rose 1.29%. The company's production & sales of iron ore on a provisional basis upto May 2018 was 4.53 million tonnes. The announcement was made after market hours yesterday, 5 June 2018.

Cadila Healthcare rose 0.39% after the company announced that the USFDA has completed inspection of company's wholly-owned subsidiary with no observation. The announcement was made before market hours today, 6 June 2018.

Cadila Healthcare said that the USFDA has inspected the manufacturing facility of wholly- owned subsidiary, Alidac Pharmaceuticals, located at SEZ, Ahmedabad from 28 May 2018 to 5 June 2018. At the end of the inspection, no observation (483)is issued. The site manufactures oncology injectables for the regulated markets.

CG Power and Industrial Solutions rose 3.42%. The company bagged an order from the Indian Railways valued at Rs 319 crore to supply Under Slung Electrics for Diesel Electric Tower Car (DETC). Large quantities of DETCs are required for massive track electrification drive taken up by Indian Railways across the country. More than 1000 DETCs shall be required for electrification and thereafter for inspection and maintenance in the coming years. The announcement was made after market hours yesterday, 5 June 2018.

Overseas, European stocks edged higher, underpinned by gains in tech and commodity-related stocks, although trading was cautious amid worries over Italian debt and global trade. Asian stocks were mixed as investors digested trade-related developments and the mixed close on Wall Street. Markets in South Korea were closed on Wednesday.

Media reports suggested that China would buy nearly $70 billion worth of US agriculture and energy products if the Trump administration steps back from tariffs. The US-China talks focused on reducing the United States' $375.20 billion trade deficit with China by facilitating the supply of agricultural and energy products to meet China's growing consumption needs.

In US, the Nasdaq Composite Index registered its second record close in a row Tuesday on the back of a rally in the shares of technology and internet giants. However, the Dow lagged as the stocks of slumping financials and consumer-staples weighed on the blue-chip gauge.

On the data front, the Markit services purchasing managers index for the US in May rose to 56.8 from 54.6. The Institute for Supply Management services index rose to 58.6 in May from 56.8, while a reading of job openings rose to a fresh record in April, reaching 6.7 million after 6.63 million in March.

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