Benchmark indices posted their biggest one-day loss in 2019, dragged down by financials and bank stocks even though the monetary policy committee (MPC) of the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points (bps) to 5.75 per cent in the second bi-monthly monetary policy meet of the financial year 2019-20 (FY20).
Financials drop post DHFL crisis, liquidity issues, and trimmed GDP growth projections were among the major factors that dragged the markets lower on Thursday. READ THE FULL REPORT HERE
The benchmark S&P BSE Sensex slipped 554 points, or 1.38 per cent, to 39,530, with IndusInd Bank, Tata Steel, YES Bank, Larsen & Toubro, and State Bank of India were among the top losers. Only eight of the 30 BSE Sensex constituents ended the day in the green. The broader Nifty50 index tumbled 178 points, or 1.48 per cent, to 11,844.
All the Nifty sectoral indices ended Thursday's session with losses, led by Nifty PSU Bank, down 4.9 per cent, and followed by Nifty Private Bank, down 2.29 per cent.
In the broader market, the S&P BSE MidCap index tumbled 269 points, or 1.77 per cent, to 14,931, while the S&P BSE SmallCap index settled at 14,673, down 238 points, or 1.6 per cent.
Buzzing stocks
Shares of Dewan Housing Finance Corporation (DHFL) tanked 15.86 per cent to Rs 93.90, hitting an over five-year low on the BSE after rating agencies downgraded its commercial papers (CP), citing delays in debt servicing. The stock was trading at its lowest level since December 23, 2013 on the BSE. READ MORE
Shares of Eros International Media were hammered by heavy selling during the early morning deals on Thursday after ratings company CARE cut its long-term loan facilities ratings from 'BBB-' to 'D'. The stock was locked in the lower circuit of 20 per cent at Rs 53.10 per share on the BSE, which was also its lifetime low. READ MORE
Shares of GAIL (India) hit an over three-month low of Rs 316.3, down 11.77 per cent, on the BSE on the back of heavy volumes. The stock was quoting at its lowest level since February 26, 2019. READ MORE
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04:04 PM
Stocks that hit 52-week low on S&P BSE Sensex
COMPANY PRICE(RS) 52 WK LOW CHG(RS) CHG(%)
BAYER CROP SCI. 3680.00 3601.00 -21.15 -0.57
CENTRAL BANK 24.75 24.50 -0.55 -2.17
DEWAN HSG. FIN. 93.90 91.50 -17.70 -15.86
ERIS LIFESCIENCE 510.10 500.00 4.15 0.82
FORTIS HEALTH. 121.90 121.90 -2.25 -1.81
» More on 52 Week Low
04:03 PM
Top losers on BSE500
COMPANY PRICE(RS) CHG(RS) CHG(%) VOLUME
DEWAN HSG. FIN. 93.90 -17.70 -15.86 6582147
HIMATSING. SEIDE 167.00 -26.65 -13.76 255664
RELIANCE INFRA. 84.95 -12.05 -12.42 3451026
GAIL (INDIA) 316.30 -42.20 -11.77 1681262
FDC 183.65 -19.75 -9.71 22610
» More on Top Losers
04:02 PM
Heatmap: S&P BSE Sensex
04:01 PM
Nifty sectoral indices at close
04:01 PM
Market at close
03:33 PM
Market at close
The S&P BSE Sensex ended at 39,530, down 554 points while the broader Nifty50 index settled at 11,847, down 175 points.
03:13 PM
Anand Rathi on RBI rate cut
"RBI carried out the third successive rate cut. Low inflation and subdued growth are the drivers of the move. Yet, the real concern is lack of transmission of rate cuts into effective lending rate. Liquidity conditions also remain tight for large part of the corporate sector. Effective transmission and adequate liquidity remain key challenges."
-- Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers
03:06 PM
NEWS ALERT | Infosys in pact with Microsoft for digital services for real estate firms: CNBC TV18
02:58 PM
RBI to issue revised circular on NPA resolution norms in 3-4 days: Das
The Reserve Bank will issue a revised circular on bad loan recognition within the next three-four days, replacing the February 12 circular that was struck down by the apex court.
On April 2, the Supreme Court had declared as "ultra vires" the February 12 circular that mandated banks to label even a day's default as NPA. READ MORE
02:53 PM
NEWS ALERT | Crisil reaffirms Tata Power's long-term loan rating at AA-
- Revises the outlook to positive from stable
02:52 PM
NEWS ALERT | Bank Rate is revised downwards by 25 bps from 6.25% to 6.00% with immediate effect: RBI
02:50 PM
NEWS ALERT | RBI to release minutes of the MPC meeting on June 20
02:47 PM
RBI to issue draft guidelines for ‘on tap’ licensing of Small Finance Banks by the end of August 2019
02:41 PM
Nifty PSU Bank index slips 5% post RBI policy outcome
02:39 PM
NEWS ALERT |New cabinet committee readying plan for revival of MTNL, BSNL, reports CNBC TV18 quoting DoT official
- The revivial is being planned through proposed equity infusion of 4G spectrum.
02:35 PM
Nifty Bank index slips over 2% on concerns over DHFL
02:28 PM
Biggest losers of the day
Security LTP (₹) Change % Change
SYNDIBANK 33.75 -2.95 -8.04
GHCL 242.00 -21.50 -8.16
GAIL 320.70 -37.80 -10.54
RELINFRA 86.20 -10.80 -11.13
DHFL 93.25 -18.35 -16.44
02:25 PM
COMMENT ON RBI POLICY :: Ajay Bodke, CEO and chief portfolio manager, Prabhudas Lilladher
Ajay Bodke, CEO & Chief Portfolio Manager (PMS) of PL, shares his views On RBI's Monetary Policy. pic.twitter.com/SzRbNHwYTa
— Prabhudas Lilladher (@PLIndiaOnline) June 6, 2019
02:24 PM
NEWS ALERT | Jindal Stainless eyeing a revenue of Rs 200 cr in the e-rickshaw market, reports CNBC TV18
- Forecast highest demand in Uttar Pradesh
02:23 PM
Market breadth in favour of decline as Sensex slips over 500 points
02:05 PM
Nifty sectoral indices at this hour
01:54 PM
Sensex sheds 500 pts after RBI cuts GDP growth forecast for FY20
Index Current Pt. Change % Change
S&P BSE SENSEX 39,581.67 -501.87 -1.25
S&P BSE SENSEX 50 12,360.27 -163.35 -1.30
S&P BSE SENSEX Next 50 32,589.54 -640.96 -1.93
S&P BSE 100 11,975.90 -168.60 -1.39
S&P BSE Bharat 22 Index 3,719.75 -79.75 -2.10
01:46 PM
Repo rate at lowest level in 9 years. Key takeaways from RBI's policy meet
As expected, the six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) unanimously voted to lower the repo rate by 0.25 per cent in its three-day monetary policy meet, which ended on Thursday. The repo rate that stands at 5.75 per cent post the Thursday’s review is the lowest in nine years. This the first time in 2019 when all members of the MPC (Dr. Chetan Ghate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Shri Shaktikanta Das) unanimously decided to reduce the policy repo rate by 25 basis and change the stance of monetary policy from neutral to accommodative. READ MORE
01:42 PM
YES Bank falls 3.8%
01:36 PM
Nifty Bank slips under 31,000
01:32 PM
COMMENT ON RBI POLICY :: R. K. Gurumurthy - Head Treasury, Lakshmi Vilas Bank
Bond prices have seen a broad based rally on the day, post policy. With system liquidity close to 1 lac crore on the back of government spending and an OMO of 15k Cr to happen next week, the bond rally may have legs. One would however tread with caution as the budget is slated for early july 2019 where the fiscal road map would be key to bond-supply dynamics. Also, many expected direct measures/announcements on NBFC issues. RBI may wait and achieve that possibly with the recommendations of the working group on liquidity management
01:31 PM
Bank, auto, realty stocks trade lower despite 25 bps repo rate cut by RBI
Shares of interest rate sensitive sectors such as automobiles, real estate, and banking were trading weak despite the monetary policy committee (MPC) of the Reserve Bank of India (RBI) on Thursday reducing the repo rate by 25 basis points (bps) from 6 per cent to 5.75 per cent in the second bi-monthly monetary policy meet of the financial year 2019-20 (FY20). The policy stance was also changed to 'accommodative' from 'neutral'. READ MORE
RBI rate cut
Illustration by Binay Sinha
01:31 PM
COMMENT ON RBI POLICY :: Arvind Chari, Head – Fixed Income & Alternatives , Quantum Advisors
That the Repo rate has been cut below 6% and the stance has changed to accommodative has happened only twice in the last 20 years; Once post the Lehman crisis, 2008-2009 and the other post the dot com, global slowdown in 2002-2003 period. So it is not a common occurrence in India. We should also note that growth levels and prospects was way lower during those times to justify Repo rates well below 6%.
Bond yields may have further room to drop as the markets will except further rate cuts especially another 25 bps in August to take the Repo rate to 5.5%. 10 year bond government bond yield at around 6.9%, is still attractively valued as more rate cuts gets priced in. We expect another rate cut in August but will caution against too much exuberance.
01:30 PM
Market check
01:30 PM
Market check
Financials drop post DHFL crisis, liquidity issues, and trimmed GDP growth projections were among the major factors that dragged the markets lower on Thursday. READ THE FULL REPORT HERE
The benchmark S&P BSE Sensex slipped 554 points, or 1.38 per cent, to 39,530, with IndusInd Bank, Tata Steel, YES Bank, Larsen & Toubro, and State Bank of India were among the top losers. Only eight of the 30 BSE Sensex constituents ended the day in the green. The broader Nifty50 index tumbled 178 points, or 1.48 per cent, to 11,844.
All the Nifty sectoral indices ended Thursday's session with losses, led by Nifty PSU Bank, down 4.9 per cent, and followed by Nifty Private Bank, down 2.29 per cent.
In the broader market, the S&P BSE MidCap index tumbled 269 points, or 1.77 per cent, to 14,931, while the S&P BSE SmallCap index settled at 14,673, down 238 points, or 1.6 per cent.
Buzzing stocks
Shares of Dewan Housing Finance Corporation (DHFL) tanked 15.86 per cent to Rs 93.90, hitting an over five-year low on the BSE after rating agencies downgraded its commercial papers (CP), citing delays in debt servicing. The stock was trading at its lowest level since December 23, 2013 on the BSE. READ MORE
Shares of Eros International Media were hammered by heavy selling during the early morning deals on Thursday after ratings company CARE cut its long-term loan facilities ratings from 'BBB-' to 'D'. The stock was locked in the lower circuit of 20 per cent at Rs 53.10 per share on the BSE, which was also its lifetime low. READ MORE
Shares of GAIL (India) hit an over three-month low of Rs 316.3, down 11.77 per cent, on the BSE on the back of heavy volumes. The stock was quoting at its lowest level since February 26, 2019. READ MORE
CATCH ALL THE LIVE UPDATES
Auto Refresh
04:04 PM
Stocks that hit 52-week low on S&P BSE Sensex
COMPANY PRICE(RS) 52 WK LOW CHG(RS) CHG(%)
BAYER CROP SCI. 3680.00 3601.00 -21.15 -0.57
CENTRAL BANK 24.75 24.50 -0.55 -2.17
DEWAN HSG. FIN. 93.90 91.50 -17.70 -15.86
ERIS LIFESCIENCE 510.10 500.00 4.15 0.82
FORTIS HEALTH. 121.90 121.90 -2.25 -1.81
» More on 52 Week Low
04:03 PM
Top losers on BSE500
COMPANY PRICE(RS) CHG(RS) CHG(%) VOLUME
DEWAN HSG. FIN. 93.90 -17.70 -15.86 6582147
HIMATSING. SEIDE 167.00 -26.65 -13.76 255664
RELIANCE INFRA. 84.95 -12.05 -12.42 3451026
GAIL (INDIA) 316.30 -42.20 -11.77 1681262
FDC 183.65 -19.75 -9.71 22610
» More on Top Losers
04:02 PM
Heatmap: S&P BSE Sensex
04:01 PM
Nifty sectoral indices at close
04:01 PM
Market at close
03:33 PM
Market at close
The S&P BSE Sensex ended at 39,530, down 554 points while the broader Nifty50 index settled at 11,847, down 175 points.
03:13 PM
Anand Rathi on RBI rate cut
"RBI carried out the third successive rate cut. Low inflation and subdued growth are the drivers of the move. Yet, the real concern is lack of transmission of rate cuts into effective lending rate. Liquidity conditions also remain tight for large part of the corporate sector. Effective transmission and adequate liquidity remain key challenges."
-- Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers
03:06 PM
NEWS ALERT | Infosys in pact with Microsoft for digital services for real estate firms: CNBC TV18
02:58 PM
RBI to issue revised circular on NPA resolution norms in 3-4 days: Das
The Reserve Bank will issue a revised circular on bad loan recognition within the next three-four days, replacing the February 12 circular that was struck down by the apex court.
On April 2, the Supreme Court had declared as "ultra vires" the February 12 circular that mandated banks to label even a day's default as NPA. READ MORE
02:53 PM
NEWS ALERT | Crisil reaffirms Tata Power's long-term loan rating at AA-
- Revises the outlook to positive from stable
02:52 PM
NEWS ALERT | Bank Rate is revised downwards by 25 bps from 6.25% to 6.00% with immediate effect: RBI
02:50 PM
NEWS ALERT | RBI to release minutes of the MPC meeting on June 20
02:47 PM
RBI to issue draft guidelines for ‘on tap’ licensing of Small Finance Banks by the end of August 2019
02:41 PM
Nifty PSU Bank index slips 5% post RBI policy outcome
02:39 PM
NEWS ALERT |New cabinet committee readying plan for revival of MTNL, BSNL, reports CNBC TV18 quoting DoT official
- The revivial is being planned through proposed equity infusion of 4G spectrum.
02:35 PM
Nifty Bank index slips over 2% on concerns over DHFL
02:28 PM
Biggest losers of the day
Security LTP (₹) Change % Change
SYNDIBANK 33.75 -2.95 -8.04
GHCL 242.00 -21.50 -8.16
GAIL 320.70 -37.80 -10.54
RELINFRA 86.20 -10.80 -11.13
DHFL 93.25 -18.35 -16.44
02:25 PM
COMMENT ON RBI POLICY :: Ajay Bodke, CEO and chief portfolio manager, Prabhudas Lilladher
Ajay Bodke, CEO & Chief Portfolio Manager (PMS) of PL, shares his views On RBI's Monetary Policy. pic.twitter.com/SzRbNHwYTa
— Prabhudas Lilladher (@PLIndiaOnline) June 6, 2019
02:24 PM
NEWS ALERT | Jindal Stainless eyeing a revenue of Rs 200 cr in the e-rickshaw market, reports CNBC TV18
- Forecast highest demand in Uttar Pradesh
02:23 PM
Market breadth in favour of decline as Sensex slips over 500 points
02:05 PM
Nifty sectoral indices at this hour
01:54 PM
Sensex sheds 500 pts after RBI cuts GDP growth forecast for FY20
Index Current Pt. Change % Change
S&P BSE SENSEX 39,581.67 -501.87 -1.25
S&P BSE SENSEX 50 12,360.27 -163.35 -1.30
S&P BSE SENSEX Next 50 32,589.54 -640.96 -1.93
S&P BSE 100 11,975.90 -168.60 -1.39
S&P BSE Bharat 22 Index 3,719.75 -79.75 -2.10
01:46 PM
Repo rate at lowest level in 9 years. Key takeaways from RBI's policy meet
As expected, the six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) unanimously voted to lower the repo rate by 0.25 per cent in its three-day monetary policy meet, which ended on Thursday. The repo rate that stands at 5.75 per cent post the Thursday’s review is the lowest in nine years. This the first time in 2019 when all members of the MPC (Dr. Chetan Ghate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Shri Shaktikanta Das) unanimously decided to reduce the policy repo rate by 25 basis and change the stance of monetary policy from neutral to accommodative. READ MORE
01:42 PM
YES Bank falls 3.8%
01:36 PM
Nifty Bank slips under 31,000
01:32 PM
COMMENT ON RBI POLICY :: R. K. Gurumurthy - Head Treasury, Lakshmi Vilas Bank
Bond prices have seen a broad based rally on the day, post policy. With system liquidity close to 1 lac crore on the back of government spending and an OMO of 15k Cr to happen next week, the bond rally may have legs. One would however tread with caution as the budget is slated for early july 2019 where the fiscal road map would be key to bond-supply dynamics. Also, many expected direct measures/announcements on NBFC issues. RBI may wait and achieve that possibly with the recommendations of the working group on liquidity management
01:31 PM
Bank, auto, realty stocks trade lower despite 25 bps repo rate cut by RBI
Shares of interest rate sensitive sectors such as automobiles, real estate, and banking were trading weak despite the monetary policy committee (MPC) of the Reserve Bank of India (RBI) on Thursday reducing the repo rate by 25 basis points (bps) from 6 per cent to 5.75 per cent in the second bi-monthly monetary policy meet of the financial year 2019-20 (FY20). The policy stance was also changed to 'accommodative' from 'neutral'. READ MORE
RBI rate cut
Illustration by Binay Sinha
01:31 PM
COMMENT ON RBI POLICY :: Arvind Chari, Head – Fixed Income & Alternatives , Quantum Advisors
That the Repo rate has been cut below 6% and the stance has changed to accommodative has happened only twice in the last 20 years; Once post the Lehman crisis, 2008-2009 and the other post the dot com, global slowdown in 2002-2003 period. So it is not a common occurrence in India. We should also note that growth levels and prospects was way lower during those times to justify Repo rates well below 6%.
Bond yields may have further room to drop as the markets will except further rate cuts especially another 25 bps in August to take the Repo rate to 5.5%. 10 year bond government bond yield at around 6.9%, is still attractively valued as more rate cuts gets priced in. We expect another rate cut in August but will caution against too much exuberance.
01:30 PM
Market check
01:30 PM
Market check
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