1. Sensex, Nifty hit new all time highs, RBI policy awaited; Rupee extends gains as oil slips

Sensex, Nifty hit new all time highs, RBI policy awaited; Rupee extends gains as oil slips

Indian benchmark indices continued their stellar run and touched new all-time highs in opening trade even as investors eyed the Reserve Bank of India’s monetary policy to be announced tomorrow.

By: | Updated: June 6, 2017 9:57 AM
BSE Sensex opened 111.36 points higher and touched its new life-time high of 31,430.32 points while NSE Nifty, the broader gauge, opened 29.15 points higher and touched its new life-time high of 9,709.30 points. (Image: PTI)

Indian benchmark indices continued their stellar run and touched new all-time highs in opening trade even as investors eyed the Reserve Bank of India’s monetary policy to be announced tomorrow. BSE Sensex opened 111.36 points higher and touched its new life-time high of 31,430.32 points while NSE Nifty, the broader gauge, opened 29.15 points higher and touched its new life-time high of 9,709.30 points. At 9:25 am, BSE Sensex was trading 42.33 points or 0.14% higher at 31,351.82 points while the NSE Nifty was up 7.00 points or 0.07% at 9,682.10 points.

The two-day policy review by RBI’s monetary policy committee (MPC) will kick off on Tuesday. The stock market is largely expecting status quo on the policy rate.

State Bank of India has raised Rs 15,000 crore from domestic and foreign institutional investors through qualified institutional placement (QIP) of shares. The QIP closed on Tuesday morning and is believed to have received demand in excess of Rs 20,000 crore, ET Now reported. LIC bid for about 50 percent of the offering, the report added.

India Grid Trust, an InvIT promoted by power transmission asset operator Sterlite Power Grid Ventures, will list its equity shares on exchanges on today. The Rs 2,250 crore IPO, the second infrastructure investment trust in India, was oversubscribed 1.17 times during May 17-19.

ICICI Bank on Monday informed stock exchanges that it will sell a part of its shareholding in ICICI Lombard through an initial public offering (IPO) after which ICICI Lombard will become the first private sector general insurer to list on bourses. The size and other details have yet not been decided.

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Indian Rupee opened 4 paise higher at 64.32 against the US Dollar. On Monday, the domestic unit rose for the fourth straight session and gained 8 paise to close at a near three-week high of 64.36 against the US Dollar.

Oil fell nearly 1 percent on concerns that a political rift between Qatar and several Arab states would undermine an Opec-led push to tighten the market. Brent crude futures were trading at $49.15 a barrel, down 32 cents, or 0.65 percent from its last close. WTI crude futures dropped 32 cents, or 0.7 percent, to $47.08 a barrel, down over 7.5 percent from May 25.

Asian markets fell today after Wall Street’s tumble overnight, as oil slid on concerns that a political rift between Qatar and several Arab states would undermine an Opec-led push to tighten the market. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent in early trade, pulling back from a two-year high hit on Monday. Japan’s Nikkei dropped 0.4 percent. South Korean markets were closed for a holiday. Australian shares tumbled 0.9 percent.

The US market slipped on Monday with the Dow Jones Industrial Average falling 0.1 percent or 22.25 points to 21,184.04 points, the S&P 500 losing 0.12 percent or 2.97 points to 2,436.10 points and the Nasdaq Composite dropping 0.16 percent or 10.11 points to 6,295.68 points.

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