Quick Peek
Home >> Markets >> Equity >> News >> Quick Peek Detailed News
Market ends higher as RBI keeps stance neutral
(15:32, 06 Jun 2018)

The market settled higher after the central bank maintained its neutral stance while raising repo rate by 0.25%. The barometer index, the S&P BSE Sensex, rose 275.67 points or 0.79% to 35,178.88, as per the provisional closing data. The Nifty 50 index rose 91.50 points or 0.86% to 10,684.65, as per the provisional closing data. The Sensex provisionally settled above the psychologically important 35,000 mark after regaining that level in morning trade.

The six-member monetary policy committee of Reserve Bank of India (RBI) headed by Governor Urjit Patel on Wednesday, 6 June 2018, hiked key interest rate by 0.25%. 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.

RBI's MPC began the second bi-monthly monetary policy meeting on Monday, 4 June 2018. The resolution of the MPC was unveiled at 14:30 IST today, 6 June 2018.

After displaying some volatility in early trade, the indices firmed up as the session progressed. 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 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, 1674 shares rose and 963 shares fell. A total of 120 shares were unchanged.

Bharti Airtel (up 3.49%), Tata Motors (up 2.79%), Sun Pharmaceutical Industries (up 2.09%), Coal India (up 1.86%), Bajaj Auto (up 1.42%) and Infosys (up 1.37%), were the major Sensex gainers.

Asian Paints (down 1.17%), ICICI Bank (down 0.67%), HDFC Bank (down 0.38%), Yes Bank (down 0.36%), Axis Bank (down 0.27%) and HDFC (down 0.27%), were the major Sensex losers.

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.

Powered by Capital Market - Live News

Adani Ports & Special Economic Zone Ltd     373.15   Down   -4.00 (-1.06%)   Asian Paints Ltd     1,395.10   Down   -4.15 (-0.30%)   Axis Bank Ltd     618.05   Up   13.15 (2.17%)   Bajaj Auto Ltd     2,646.40   Up   15.55 (0.59%)   Bajaj Finance Ltd     2,830.20   Up   69.80 (2.53%)   Bajaj Finserv Ltd     7,112.70   Up   167.25 (2.41%)   Bharat Petroleum Corporation Ltd     376.65   Down   -3.05 (-0.80%)   Bharti Airtel Ltd     367.00   Down   -3.15 (-0.85%)   Bharti Infratel Ltd     283.90   Down   -1.35 (-0.47%)   Cipla Ltd     642.75   Up   14.45 (2.30%)   Coal India Ltd     282.65   Up   3.60 (1.29%)   Dr Reddys Laboratories Ltd     2,278.45   Up   36.85 (1.64%)   Eicher Motors Ltd     28,992.35   Up   585.75 (2.06%)   GAIL (India) Ltd     379.80   Up   4.35 (1.16%)   Grasim Industries Ltd     986.60   Down   -0.25 (-0.03%)   HCL Technologies Ltd     999.70   Up   16.70 (1.70%)   HDFC Bank Ltd     2,089.10   Down   -2.55 (-0.12%)   Hero Honda Motors Ltd     3,266.35   Down   -41.85 (-1.27%)   Hindalco Industries Ltd     221.45   Down   -0.20 (-0.09%)   Hindustan Petroleum Corporation Ltd     270.05   Down   -3.05 (-1.12%)   Hindustan Unilever Ltd     1,744.25   Up   15.40 (0.89%)   Housing Development Finance Corporation Ltd     1,941.50   Down   -5.50 (-0.28%)   ICICI Bank Ltd     332.45   Up   7.55 (2.32%)   Indiabulls Housing Finance Ltd     1,291.05   Up   14.55 (1.14%)   Indian Oil Corporation Ltd     160.70   Up   0.05 (0.03%)   IndusInd Bank Ltd     1,997.60   Up   3.70 (0.19%)   Infosys Technologies Ltd     1,408.30   Down   -0.45 (-0.03%)   ITC Ltd     307.90   Up   1.95 (0.64%)   Kotak Mahindra Bank Ltd     1,293.00   Up   5.85 (0.45%)   Larsen & Toubro Ltd     1,253.25   Down   -15.80 (-1.25%)   Lupin Ltd     836.75   Up   24.80 (3.05%)   Mahindra & Mahindra Ltd     950.45   Down   -4.05 (-0.42%)   Maruti Suzuki India Ltd     9,132.60   Up   51.75 (0.57%)   NIFTY (S&P CNX)     11,435.10   Up   79.35 (0.70%)   NTPC Ltd     156.90   Down   -1.10 (-0.70%)   Oil & Natural Gas Corpn Ltd     166.25   Up   0.20 (0.12%)   Power Grid Corporation of India Ltd     187.90   Down   -0.10 (-0.05%)   Reliance Industries Ltd     1,210.60   Up   22.90 (1.93%)   State Bank of India     294.90   Up   0.75 (0.25%)   Sun Pharmaceuticals Industries Ltd     601.80   Up   37.90 (6.72%)   Tata Consultancy Services Ltd     2,003.55   Up   3.40 (0.17%)   Tata Motors Ltd     248.80   Up   0.10 (0.04%)   Tata Steel Ltd     578.95   Up   10.15 (1.78%)   Tech Mahindra Ltd     672.80   Up   12.85 (1.95%)   Titan Company Ltd     925.60   Up   11.95 (1.31%)   UltraTech Cement Ltd     4,299.10   Up   104.90 (2.50%)   UPL Ltd     610.45   Down   -14.95 (-2.39%)   Vedanta Ltd     215.10   Down   -1.20 (-0.55%)   Wipro Ltd     285.05   Up   3.20 (1.14%)   Yes Bank Ltd     382.50   Up   11.80 (3.18%)   Zee Entertainment Enterprises Ltd     513.95   Up   7.50 (1.48%)      NSE Data  -  www.nseindia.com (5 minutes delayed) syndicated by www.cmots.com