1. Markets Live: Sensex, Nifty end lower after hitting record highs; RBI policy weighs

Markets Live: Sensex, Nifty end lower after hitting record highs; RBI policy weighs

Indian benchmark indices close lower after hitting the record highs ahead of the ceaseless caution over RBI's policy later tomorrow. BSE Sensex ends below 30,200, down 118.93 or 0.38% at 31,190.56 while NSE Nifty edges down after testing 9,700 for the first time. The broader Nifty 50 close down 37.95 points or 0.39% at 9,637.15 points.

By: | Updated: June 6, 2017 4:05 PM
nedeBSE Sensex opened 111.36 points higher at 31,420.85 points while NSE Nifty breached 9,700 level to open up 29.15 points at 9,704.25 points in the opening bell.

Indian benchmark indices opened record higher on Tuesday ahead of the RBI’s bi-monthly (MPC) monetary policy committee meeting. BSE Sensex opened 111.36 points higher at 31,420.85 points while NSE Nifty breached 9,700 level to open up 29.15 points at 9,704.25 points.

Meanwhile, Asian stocks retreated on Tuesday after Wall Street’s tumble overnight, while oil inched up from the previous day losses as lower Libyan oil production assuaged concerns that the severing of ties with Qatar by other Arab states could impede a deal to cut crude output.

Here are the live updates:

03:30 pm: Indian benchmark indices close lower after hitting record highs ahead of the ceaseless caution over RBI’s policy later tomorrow. BSE Sensex ends below 30,200, down 118.93 or 0.38% at 31,190.56 while NSE Nifty edges down after testing 9,700 for the first time. The broader Nifty 50 close down 37.95 points or 0.39% at 9,637.15 points. Almost all the sectoral indices ended lower except Nifty IT. The shares of auto, media, realty and FMCG remain the major losers.

03:00 pm: The shares of ITC (-59.81 points), Tata Motors (-36.33 points), Reliance (-25.11 points), L&T (-23.17 points), ONGC (-11.18 points), NTPC (-10.26 points) contribute the most in the down surge of Sensex. The benchmark trades lower, down 0.34% or 106.97 points at 31,202.52 points.

This image shows the point-wise contribution of 10 stocks of Sensex which are contributing the most in pulling down the index. (Source: BSE)

02:36 pm: The 30-share barometer falls over 100 points to trade below 30,300, down 0.37% or 116.38 points at 31,193.11 points while the broader Nifty 50 edges below 9,650, down 0.38% or 37.6 points at 9,637.5 points.

02:15 pm: There could be a scarcity of medicines in June as retail pharmacists may choose to return the current stocks they hold and reorder fresh stocks from 1 July onwards, when GST comes into effect. Although the GST Council, in its meeting on Saturday, increased the limit on input tax credit to 60% against excise payments from 40% earlier on items with tax rates at 18% and above without excise payment receipts, there seems to be no benefit for retail pharmacists even with this increased limit.

01:50 pm: The shares of IT heavyweights continue to lead the gains with TCS (up 3.57%), Infosys (up 2.14%), Wipro (up 1.4%), other lead gainers include Adani Ports (up 1.55%) and SBI (up 0.47%). On the other hand, Tata Motors falls the most, down 3.97% at Rs 459, while ITC, ONGC, NTPC and L&T also contributes to the down surge of the index.

This image shows the 30 stocks of Sensex which are pulling it up and ramming it down. (Source: BSE)

01:35 pm: Domestic markets shy away from the record highs over the rising caution ahead of the RBI’s policy decision later tomorrow. BSE Sensex down 0.31% at 31,210.66 points while NSE Nifty drops below 9,650, down 0.3% at 9,645.75 points. The Shares of IT companies hold the gains with Nifty IT up 2.62%.

01:15 pm: Shares of Adani Enterprises today surged 7.5 per cent after the Adani Group gave the final investment approval for its Carmichael coal mine project in Australia. The stock zoomed 7.18 per cent to Rs 126.10 on BSE. At NSE, shares of the company soared 7.48 per cent to Rs 126.30.

12:55 pm: India’s central bank will likely strike a less hawkish tone while leaving interest rates unchanged at a policy meeting on Wednesday, according to analysts, as inflation is running well below forecasts, and the economy has slowed more than expected. Investors have begun pricing in a softer tone from the RBI, with benchmark 10-year bond yields down about 35 basis points since hitting an over 7-month high on May 2. Some bolder investors are even betting on possible future rate cuts.

12:35 pm: India’s NSE index edged down on Tuesday after earlier surpassing the 9,700-point level for the first time, as markets took a breather from a record-hitting spree a day before the central bank’s policy meeting. The Reserve Bank of India is likely to keep interest rates unchanged at 6.25 percent at its review on Wednesday, but likely to sound less hawkish than the last monetary policy committee meeting, according to a Reuters poll.

12:18 pm: Shares of India Grid Trust made a tepid debut at the bourses today, opening flat against the issue price of Rs 100. The stock listed at Rs 100 on BSE. It later tumbled 6 per cent to hit a low of Rs 94. At NSE, shares of the company opened at Rs 99.70, down 0.3 per cent against the issue price. The company commands a market valuation of Rs 2,652.82 crore. The IPO of India Grid Trust, second in the infrastructure investment trusts (InvIT) space, was subscribed 1.35 times, with institutional investors category getting oversubscribed 1.14 times and other investors 1.60 times.

12:00 pm: Gold prices rose by another 0.53 per cent to Rs 29,468 per 10 grams in futures trading today as speculators engaged in enlarging their positions. At the Multi Commodity Exchange, gold for delivery in October rose by Rs 156, or 0.53 per cent to Rs 29,468 per ten grams in business turnover of 2 lots. In a similar fashion, the yellow metal for delivery in August contracts was trading higher by Rs 138, or 0.47 per cent to Rs 29,355 per ten grams in 1,289 lots.

11:38 am: Almost all of the sectoral indices of NSE trade in red except Nifty IT (up 3.21%) which is gaining traction on the news of approvals of Visas to IT companies and Nifty PSU Bank (up 0.24%) riding on the gains of heavyweight SBI as it issues the biggest Indian QIP. While Nifty FMCG (down 1.26%), Nifty Realty (down 0.82%), Nifty Auto (down 0.77%), Nifty Media (down 0.67%) and Nifty Pharma (down 0.46%) loses sheen.

 

This image shows the sectoral indices of NSE, most of them trading in the red.

11:21 am: The shares of ITC (down 2.02%), Indiabulls Housing Finance (down 1.94%), ONGC (down 1.71%), Tata Motors DVR (down 1.54%), Asian Paints (down 1.38%) trades down on the broader Nifty 50. The index feels the heat ahead of RBI’s policy meeting.

11:05 am: The shares of IT companies trade near 52-week highs with HCL Tech hitting a fresh 52-week high of Rs 903 while TCS nears its 52-week high of Rs 2,744.8, trade up over 3%. On contrary, the shares of blue-chip companies ITC, L&T, Tata Motors, ICICI Bank and Reliance Industries drag.

10:48 am: The index heavyweights TCS (+ 50.34 points), Infosys (+ 43.43 points), HDFC (+ 22.6 points), SBI (+ 10.28 points) and HDFC Bank (+ 7.4 points) contributes the most but the benchmark Sensex continues to trade flat at 31,309.59 points.

This image shows the point-wise contribution of five stocks which are contributing the most to the index. (Source: BSE)

10:30 am: Indian equities trade flat after hitting record highs with BSE Sensex up 0.02% at 31,316.72 while NSE Nifty down 0.01% at 9,673.65. The shares of HCL Tech (up 3.37%), TCS (up 3.34%), Infosys (up 2.17%), Tech Mahindra (up 1.37%), SBI (up 1.22%) lead the gains on NSE Nifty.

10:05 am: 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.

09:55 am: 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. 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.

09:45 am: The rupee strengthened by 4 paise to 64.32 against the US dollar in early trade at the Interbank Foreign Exchange market on sustained selling of the American currency by banks and exporters. Besides continued selling of the greenback by banks and exporters, a higher opening of the domestic equity market backed the rupee.

09:40 am: 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.

09:30 am: The Shares of IT companies lead the gains on Indian bourses, the major players TCS and Infosys both up over 2% in the early trade. HCL Tech, Tech Mahindra and Wipro also trade in green with gains up to 2%.

09:15 am: Indian markets open record high with the benchmark Sensex hitting the all-time high at 30,430.32 while the broader Nifty 50 scales 9,700 for first the time in the early trade.

With inputs from Reuters and PTI.

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