21
Thursday
February 2019
11:49 AM IST
News Headlines
Saudi Arabia increases India''s Haj quota to 2 lakh after Modi-Salman talks        SC collegium transfers high court judges        Security of 18 separatists, 155 political leaders withdrawn        Crown Prince orders release of 850 Indian prisoners from Saudi jails        Putin says Russia to take measures if US deploys missiles        Jadhav''s death sentence based on ''extracted confession'', should be annulled: India tells ICJ        Israel strikes on Gaza arson balloons launchers, no injuries reported        Taylor surpasses Fleming becomes highest ODI scorer for NZ        ICC keeping a close watch on India-Pakistan situation ahead of WC        Vivo unveils V15Pro with Industry-first 32 MP pop-up selfie camera        Tripura gets Rs 85 crore Mega Food Park        India, Saudi Arabia ink MoUs for cooperation in tourism, broadcasting        Bernie Sanders enters 2020 US presidential race : Reports        Sixteen states sue Trump over border wall emergency        Djokovic wins his fourth Laureus World Sportsman of the Year        Pakistan shooters not taking part in New Delhi World Cup        Pulwama attack masterminded by Jaish, ISI: corps commander        Cricketer-turned-politician Kirti Azad joins Congress, calls it ''ghar wapsi''        Salve exposes Pak military courts at ICJ, says judges don''t even need law degree        RBI pays Rs 28,000 cr interim dividend to govt ahead of elections        
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Business News
Market ends flat after RBI rate cut; rate sensitive stocks turn volatile
 
Mumbai, Feb 7 (PTI) Benchmark equity indices gave up gains to end almost flat on Thursday as investors booked profits at higher levels, after the the Reserve Bank surprisingly reduced the repo rate by 0.25 per cent.

After rising nearly 200 points, the 30-share BSE Sensex ended 4.14 points, or 0.01 per cent, lower at 36,971.09; while the broader Nifty settled 6.95 points, or 0.06 per cent, higher at 11,069.40.

India VIX, the fear gauge for domestic equities, rose 1.40 per cent.

Rate-sensitive stocks swung between gains and losses after the rate-cut announcement, with BSE realty index slipping 0.02 per cent, Bankex gaining 0.04 per cent and auto index soaring 1.77 per cent.

The Reserve Bank of India cut the repo rate by 0.25 per cent to 6.25 per cent on expectation that inflation will stay within its target range, a move that may make home and other loans cheaper.

The RBI, under its new Governor Shaktikanta Das, changed the monetary policy stance to 'neutral' from the earlier 'calibrated tightening', signalling further softening of rates if inflation remain benign.

From stock market point of view, the policy decision is already discounted in indices. Traders are looking to book some profit from here, which can push indices to lower levels, said Debabrata Bhattacharjee, Head of Research, CapitalAim.

"In a medium-term, market has always reacted positively to a rate cut. Since we are in an environment where RBI is now neutral with a focus to keep growth in an economy and tab on inflation, we may attract long term money that can move the market.

"This is a positive event for the market though on a cautious note - we have an election in the next three months. So that needs to be taken into account," Mustafa Nadeem, CEO, Epic Research, said.

In the Sensex pack, Sun Pharma was the biggest gainer, rallying 4.48 per cent, followed by Bajaj Auto, Tata Motors, Coal India, Hero MotoCorp, Maruti and HCL Tech, rising up to 3.01 per cent.

While, RIL, PowerGrid, HDFC, L&T, IndusInd Bank, NTPC and Bajaj Finance declined up to 1.50 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 694.97 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 525.26 crore, provisional data available with BSE showed.

Elsewhere in Asia, Japan's Nikkei fell 0.59 per cent, while Korea's Kospi ended flat. Bourses in China were closed for Lunar New Year break.

In the Eurozone, Frankfurt's DAX was down 0.48 per cent and Paris CAC 40 fell 0.30 per cent in late morning deals; while London's FTSE was up 0.18 per cent.

The rupee, meanwhile, appreciated 11 paise against the US dollar to 71.45 intra-day.

The benchmark Brent crude futures rose 0.06 per cent to USD 62.73 per barrel.


Vivo unveils V15Pro with Industry-first 32 MP pop-up selfie camera
Tripura gets Rs 85 crore Mega Food Park
India, Saudi Arabia ink MoUs for cooperation in tourism, broadcasting
RBI pays Rs 28,000 cr interim dividend to govt ahead of elections
Pak has no official info about India withdrawing MFN status: top trade official
Dollar changes hands in mid-110 yen range in early trade in Tokyo
Pulwama attack: Trade body announces bandh in 18 states on Feb 18
Indian Bank revises interest rate on domestic term deposits
Asia''s largest textile expo from Feb 22
Karnataka government for revial of defunct Falcon Tyres Ltd in Mysuru
HPCL to set up LPG bottling plant in Odisha
A380 Airbus abandons iconic A380 superjumbo, lacking clients
Mills to sell sugar at Rs 31/kg now from Rs 29 earlier: Paswan
IndiGo cancels around 130 flights for Friday
Tata Trusts Managing Trustee R Venkataramanan quits
IndiGo cancels 49 flights on Wednesday
Sensex, Nifty turn cautious ahead of IIP, inflation data releases
Gold futures on weak global cues, profit-booking
Tata Motors to supply electric buses to Lucknow City Transport Services
Govt aims to fetch Rs 5,316 cr through part-sale of Axis Bank stake
KERALA NEWS
Fire breaks out in a QRS showroom
 Kottayam: A major fire broke out in QRS showroom at Thirunnakkara in Kottayam on Monday evening. On  
Flash Hartal in Kerala: Stray incidents of violence reported
Thousands bid emotional farewell to CRPF jawan in Kerala
Religious practices should be respected: Smriti Irani
INTERNATIONAL NEWS
Putin says Russia to take measures if US deploys missiles
 Moscow: Russia does not intend to be the first to place missiles in Europe but will develop its defe
Jadhav''s death sentence based on ''extracted confession'', should be annulled: India tells ICJ
Israel strikes on Gaza arson balloons launchers, no injuries reported
Bernie Sanders enters 2020 US presidential race : Reports
NATIONAL NEWS
Saudi Arabia increases India''s Haj quota to 2 lakh after Modi-Salman talks
 New Delhi: Saudi Arabia on Wednesday increased India''s Haj quota by about 25,000, the third hike in
SC collegium transfers high court judges
Security of 18 separatists, 155 political leaders withdrawn
Cricketer-turned-politician Kirti Azad joins Congress, calls it ''ghar wapsi''
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