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Mid Session
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Shares turn volatile after RBI cuts key rates
(10:31, 22 May 2020)

The market reversed trend and hit fresh intraday low in morning trade. Trading turned volatile after the Reserve Bank of India (RBI) on Friday announced a surprise 40 basis points repo rate cut in an off-cycle policy review. The central bank also maintained an 'accommodative' stance.

At 10:32 IST, the barometer index, the S&P BSE Sensex, was down 285.59 points or 0.92% at 30,647.31. The Nifty 50 index was down 88.40 points or 0.97% at 9,017.85.

In the broader market, the S&P BSE Mid-Cap index was off 0.41% while the S&P BSE Small-Cap index was up 0.11%.

The market breadth was positive. On the BSE, 750 shares rose and 905 shares fell. A total of 115 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 51,02,573 far with 3,32,924 deaths. India reported 66,330 active cases of COVID-19 infection and 3,583 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Bank index slipped 0.74% to 17,604.30 after RBI's Monetary Policy Committee (MPC) Friday unanimously decided to slash the repo rate by another 40 basis points to 4%.

RBI Governor Shaktikanta Das briefed the media at 10 am today. The interest rate decision was taken to revive growth and mitigate the impact of the coronavirus pandemic. The announcement came following a three-day off-cycle meeting of the MPC, held between 20 and 22 May 2020.

Bandhan Bank (down 4.89%), Federal Bank (down 3.3%), ICICI Bank (down 3.14%), Axis Bank (down 2.95%), IndusInd Bank (down 2.44%), HDFC Bank (down 2.4%), Kotak Mahindra Bank (down 1.97%), RBL Bank (down 1.88%), State Bank of India (down 0.82%), Punjab National Bank (down 0.74%) and IDFC First Bank (down 0.53%) declined.

Following the rate cut, the yield on 10-year benchmark federal paper fell 1.76% to 5.928 compared with previous closing of 6.034 in the previous trading session.

Q4 Results Today:

JSW Steel (down 1.27%), UPL (up 0.93%), Trent (up 1.24%), Wabco India (up 2.32%), IDFC First Bank (up 1.85%), Honeywell Automation India (up 2.21%), Godrej Industries (up 0.43%), Essel Propack (up 1.59%), Bosch (up 0.96%), Birla Corporation (up 1.59%), Bayer Cropscience (up 1.25%), Basf India (up 1.91%) and Supreme Industries (up 2.66%) are some of the companies that will announce their quarterly earnings today.

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Adani Ports & Special Economic Zone Ltd     323.80   Down   -8.00 (-2.41%)   Asian Paints Ltd     1,683.10   Up   39.50 (2.40%)   Axis Bank Ltd     384.95   Down   -6.00 (-1.53%)   Bajaj Auto Ltd     2,710.50   Up   110.50 (4.25%)   Bajaj Finance Ltd     1,953.65   Up   5.95 (0.31%)   Bajaj Finserv Ltd     4,404.90   Up   118.95 (2.78%)   Bharat Petroleum Corporation Ltd     342.80   Up   16.35 (5.01%)   Bharti Airtel Ltd     552.60   Down   -10.15 (-1.80%)   Bharti Infratel Ltd     229.95   Up   6.10 (2.73%)   Britannia Industries Ltd     3,378.85   Up   55.60 (1.67%)   Cipla Ltd     648.15   Up   19.80 (3.15%)   Coal India Ltd     141.30   Up   7.40 (5.53%)   Dr Reddys Laboratories Ltd     4,071.25   Up   183.50 (4.72%)   Eicher Motors Ltd     16,548.45   Up   311.95 (1.92%)   GAIL (India) Ltd     92.35   Up   3.25 (3.65%)   Grasim Industries Ltd     589.20   Up   12.70 (2.20%)   HCL Technologies Ltd     550.25   Up   7.60 (1.40%)   HDFC Bank Ltd     951.65   Up   6.40 (0.68%)   Hero Honda Motors Ltd     2,360.85   Up   62.75 (2.73%)   Hindalco Industries Ltd     138.85   Up   0.45 (0.33%)   Hindustan Unilever Ltd     2,057.35   Up   47.40 (2.36%)   Housing Development Finance Corporation Ltd     1,658.90   Up   35.20 (2.17%)   ICICI Bank Ltd     331.95   Up   5.10 (1.56%)   Indian Oil Corporation Ltd     83.20   Up   5.50 (7.08%)   IndusInd Bank Ltd     393.65   Up   6.80 (1.76%)   Infosys Technologies Ltd     691.00   Down   -16.40 (-2.32%)   ITC Ltd     197.35   Up   6.70 (3.51%)   JSW Steel Ltd     184.20   Up   0.05 (0.03%)   Kotak Mahindra Bank Ltd     1,224.00   Down   -5.45 (-0.44%)   Larsen & Toubro Ltd     932.25   Up   26.75 (2.95%)   Mahindra & Mahindra Ltd     436.35   Down   -4.05 (-0.92%)   Maruti Suzuki India Ltd     5,610.80   Up   142.45 (2.60%)   Nestle India Ltd     17,540.80   Up   551.65 (3.25%)   NIFTY (S&P CNX)     9,580.30   Up   90.20 (0.95%)   NTPC Ltd     97.85   Up   2.15 (2.25%)   Oil & Natural Gas Corpn Ltd     83.20   Up   4.35 (5.52%)   Power Grid Corporation of India Ltd     157.55   Up   0.30 (0.19%)   Reliance Industries Ltd     1,464.40   Down   -7.85 (-0.53%)   Shree Cement Ltd     20,857.30   Up   48.40 (0.23%)   State Bank of India     161.30   Up   3.10 (1.96%)   Sun Pharmaceuticals Industries Ltd     474.25   Up   15.15 (3.30%)   Tata Consultancy Services Ltd     1,972.35   Down   -31.95 (-1.59%)   Tata Motors Ltd     87.00   Down   0.00 (0.00%)   Tata Steel Ltd     295.20   Down   -0.30 (-0.10%)   Tech Mahindra Ltd     530.45   Up   0.75 (0.14%)   Titan Company Ltd     890.00   Down   -9.45 (-1.05%)   UltraTech Cement Ltd     3,904.85   Up   95.65 (2.51%)   UPL Ltd     405.85   Up   14.75 (3.77%)   Vedanta Ltd     92.20   Up   2.25 (2.50%)   Wipro Ltd     212.80   Up   13.45 (6.75%)   Zee Entertainment Enterprises Ltd     183.55   Up   2.85 (1.58%)      NSE Data  -  www.nseindia.com (5 minutes delayed) syndicated by www.cmots.com

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