1. Sensex inches above 31,700 in a dull trade; Rupee slips 6 paise vs US dollar

Sensex inches above 31,700 in a dull trade; Rupee slips 6 paise vs US dollar

Sensex and Nifty opened marginally higher on Thursday after cheering up RBI's move to keep the repo rates unchanged on Wednesday. The Indian rupee lost 6 paise to open at 65.07 against US dollar after it made a strong recovery yesterday.

By: | Updated: October 5, 2017 3:19 PM
Bombay Stock Exchange building. (Image: BSE)

Sensex and Nifty opened marginally higher on Thursday after cheering up RBI’s move to keep the repo rates unchanged on Wednesday. The benchmark Sensex jumped about 78 points to hit the day’s high of 31,749.29 points while the broader Nifty 50 advanced 17 points to mark the day’s high at 9,931.2 points. BSE Sensex gained 54 points to open at 31,725.85 points and NSE Nifty added 12 points to start at 9,927 points. But within minutes of trading, both the benchmark indices pared most of the morning gains.

Shares of M&M, Dr Reddy’s, Cipla, Sun Pharma, NTPC, and Tata Steel were the major gainers on Sensex while Power Grid, Bharti Airtel, and State Bank of India lost up to 0.8%. The stock of heavyweight companies such as Infosys, M&M, RIL, Sun Pharma contributed the most to the index gains. Collectively these four stocks alone added about 38 points to the 30-share barometer Sensex while that of HDFC, SBI, Power Grid and Kotak Mahindra Bank dragged.

RBI (Reserve Bank of India) kept the repo rate unchanged at 6%, reverse repo rate unchanged at 5.75%, as expected. Monetary Policy Committee maintained the stance as ‘Neutral’. The central bank slashed SLR by 50 basis points to 19.5% effective from 14 October fortnight.

The Indian rupee lost 6 paise to open at 65.07 against US dollar after it made a strong recovery yesterday. The Reserve Bank of India’s move to keep the key policy rates unchanged boosted the domestic currency. The rupee advanced as much as 49 paise to end at 65.01 per unit US dollar on Wednesday.

US stocks edged up to extend their run of record closing highs on Wednesday as data on the services sector added to signs of strength in the economy and prospects for earnings. The Dow Jones Industrial Average rose 19.97 points, or 0.09% to end at 22,661.64 points, the S&P 500 gained 3.16 points or 0.12% to 2,537.74 points and the Nasdaq Composite added 2.91 points, or 0.04% to 6,534.63 points.

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