Share market HIGHLIGHTS: Sensex falls 250 pts, Nifty ends below 10,800 after RBI reiterates policy stance

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Updated:Dec 05, 2018 4:04:44 pm

Share market HIGHLIGHTS: The domestic equity markets closed Wednesday's trade lower tracking negative global cues, along with heavy selling pressure across all sectors barring the IT index. The RBI, in its December MPC meet today, kept the repo rate unchanged at 6.5% and maintained the 'calibrated tightening' stance. Following the development, the BSE Sensex dropped nearly 350 points to a low of 35,777.81 points, while the NSE Nifty tanked to the 10,750-level.

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Share market HIGHLIGHTS: The domestic equity markets closed Wednesday’s trade lower tracking negative global cues, along with heavy selling pressure across all sectors barring the IT index. The benchmark domestic stock market indices extended their decline today after the Reserve Bank of India (RBI) maintained its calibrated tightening stance. The BSE Sensex closed Wednesday’s trade lower by 250 points at 35,884.41 points, while the Nifty ended at 10,784.95 points, down 84.55 points or 0.74%.

The RBI, in its December MPC meet today, kept the repo rate unchanged at 6.5% and maintained the ‘calibrated tightening’ stance. Following the development, the BSE Sensex dropped nearly 350 points to a low of 35,777.81 points, while the NSE Nifty tanked to the 10,750-level.

Asian stocks slid on Wednesday, dragged down by Wall Street’s tumble as sharp declines in long-term U.S. Treasury yields and resurgent trade concerns stoked investor worries about global economic growth, said a Reuters report. Oil prices fell, weighed down by swelling U.S. inventories and concerns that slowing economic activity will sap demand for commodities. U.S. crude futures were down 1.7% at $52.35 per barrel and Brent shed 1.75% to $61.00 per barrel, it added.

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Highlights

    15:42 (IST)05 Dec 2018
    Nifty closes below 10,800; check top gainers and losers here

    The NSE Nifty closed Wednesday's trade below the 10,800-mark after the Reserve Bank of India (RBI) maintained its calibrated tightening stance in its December MPC meet today, while keeping the repo rate unchanged at 6.5%. The Nifty ended at 10,784.95 points, down 84.55 points or 0.74%, Check top Nifty gainers and losers here:

    15:40 (IST)05 Dec 2018
    Viewpoint: Markets at peace with RBI's status quo

    This Policy was focused on one thing that was out loud in its recent meet and it was Liquidity. The RBI maintained the status quo on its crucial repo and reverse repo rates while the SLR is reduced to 18% VS 19.5%. A lot of factors were seen being accounted for in this policy by RBI which were a threat to RBI a few months back. In previous Meet, Crude, Rising dollar, higher Treasury yields, Inflation, and Currency were eyeballing the RBI. At present, RBI is at a very comfortable stage, comparatively with Crude being down to $50 mark and INR appreciating around 5%. The inflation will see the impact and is now projected at 3.8% to 4.2% in 1H2019 by RBI while in the range of 3% in the second half of 2019. The Liquidity, which was seen as a crunch, is now being addressed with adjustments in SLR. Hence this is a clear statement by the RBI that they will be addressing the liquidity issue through the system and not focused on the recent NBFC fiasco. Though, it was also important to note that governor clearly mentioned that there may be a change in its stance. Hence, a change in its rates going forward when needed.

    Markets are at peace with this. There was no expectation from the street of any hike while lower crude prices, and appreciating INR has been discounted in the structure as of now. GDP projection in the range of 7.2% to 7.5% with lower inflation projection is positive of the investors and streets. This is culminating to be a prudent time for trending period ahead. It all now comes down to western markets and their events. We may see volatility giving the Dalal Street a short visit.

    -- Mustafa Nadeem, CEO, Epic Research

    15:37 (IST)05 Dec 2018
    CLOSING BELL: Sensex ends 250 pts down, Nifty below 10,800 after RBI reiterates policy stance

    The BSE Sensex closed Wednesday's trade lower by 250 points, while the NSE Nifty ended below the 10,800-mark after the Reserve Bank of India (RBI) maintained its calibrated tightening stance in its December MPC meet today, while keeping the repo rate unchanged at 6.5%.

    15:28 (IST)05 Dec 2018
    Viewpoint on RBI policy review effect on stock market

    ''As expected, RBI repo rate unchanged as crude oil prices reduction resulted in lower CPI index at 3.3%. They have reduced SLR by 0.25%. The positive outcome is they are allowing relieved measures to raise funds for NBFC along wid GDP forecast of 7.4%. this indeed is very positive for the market because of OMOs till march and also in touch wid SEBI for liquidity, we think liquidity issue pressure is highly reduced, with CPI forecast , to remain below 4% till March is again extremely positive for interest rates to remain here or even lower level till March. As far as the market is concerned, it is more of overall consensus was no change and is broadly discounted in the current rise.''

    -- Pritam Deuskar ,Fund Manager, Bonanza Portfolio

    15:25 (IST)05 Dec 2018
    RBI to issue consolidated norms for forex loans, masala bonds by month end

    In a bid to consolidate the regulations pertaining to borrowing and lending transactions of resident Indians as well as others the Reserve Bank of India (RBI) will issue consolidated norms for forex loans as well as masala bonds. Masala bonds refer to rupee-denominated borrowings issued by Indian entities in overseas markets. The RBI said in a press release that the consolidated guidelines will be issued by the end of December 2018.

    Read the full story here: RBI to issue consolidated norms for forex loans, masala bonds by month end; key things to know

    15:21 (IST)05 Dec 2018
    Highlights of RBI monetary policy

    • RBI keeps key lending rate (repo) unchanged at 6.5%
    • Reverse repo rate stands at 6.25%, bank rate at 6.75%, CRR at 4%
    • Projects retail inflation to be between 2.7-3.2% in October-March
    • Retains GDP growth estimate at 7.4% for current fiscal
    • Projects April-September growth for 2019-20 at 7.5% with downside risks
    • Says time apposite to strengthen domestic macroeconomic fundamentals
    • Fiscal discipline critical to create space and crowd-in private investment
    • Lower rabi sowing may adversely affect agriculture, rural demand
    • Financial market volatility, slowing global demand and rising trade tensions pose negative risk to exports
    • Decline in crude oil prices is expected to boost growth prospects
    • Credit offtake strengthened even as global financial conditions tightened
    • Next meeting of the MPC on February 5-7

    15:15 (IST)05 Dec 2018
    Headline indices recover a little after sudden fall

    The headline indices -- Sensex and Nifty -- staged a mild recovery after a sudden drop during the late afternoon trade deals. The benchmark indices extended their decline after the Reserve Bank of India (RBI) maintained its calibrated tightening stance in its December MPC meet today, while keeping the repo rate unchanged at 6.5%. Following the development, The BSE Sensex dropped nearly 350 points to a low of 35,777.81 points, while the NSE Nifty tanked to the 10,750-level. However, around 3.10 pm, the Sensex recovered a little to trade at 35,899.63 points, down 234.68 points or 0.65%. The NSE Nifty traded at 10,788.05 points, lower by 81.45 points or 0.75%.

    15:10 (IST)05 Dec 2018
    Most banking stocks continue with losses after RBI maintains stance

    Most banking stocks extended their decline after the RBI maintained its stance of ‘calibrated tightening’ of monetary policy, while keeping the key policy rate unchanged at 6.5%.

     

    15:08 (IST)05 Dec 2018
    Rate sensitive auto stocks in red

    Rate-sensitive auto stocks traded in the red even as the Reserve Bank of India, as widely expected, kept its key policy rate unchanged at 6.50% in its monetary policy review on Wednesday. While keeping the key policy rate unchanged, RBI also maintained its stance of ‘calibrated tightening’ of monetary policy.

    14:59 (IST)05 Dec 2018
    Sensex drops 350 pts, Nifty tanks to 10,750-level as RBI refuses to soften stance

    The BSE Sensex dropped nearly 350 points to a low of 35,777.81 points after the Reserve Bank of India (RBI) maintained its calibrated tightening stance in the monetary policy meet today.  The NSE Nifty 50 fell over 100 points to hit the 10,750-mark. The Reserve Bank of India, as widely expected, kept its key policy rate unchanged at 6.50% in its monetary policy review on Wednesday. While keeping the key policy rate unchanged, RBI also maintained its stance of ‘calibrated tightening’ of monetary policy.

    Read here: RBI holds fire; keeps repo rate unchanged at 6.5%, no change in stance either

    14:37 (IST)05 Dec 2018
    BSE Sensex drops 300 points, Nifty down over 100 points after RBI keeps repo rate unchanged

    The BSE Sensex continued to trade with losses of over 200 points after the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5% in its MPC meet today. The Nifty dropped over 100 points to a low of 10,762.25 points. Around 2.33 pm, the Sensex was trading 203.78 points or 0.56% at 35,930.53 points.

    14:33 (IST)05 Dec 2018
    BREAKING: RBI keeps repo rate unchanged, maintains stance

    The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5% in its MPC meet today. The central bank also maintained the ‘calibrated tightening’ stance.

    Click here for live updates: RBI Monetary Policy LIVE UPDATES: Repo rate decision to be sideshow; all eyes on Urjit Patel’s views on RBI autonomy

    14:28 (IST)05 Dec 2018
    Sun Pharma extends decline for third day

    Shares of Sun Pharmaceutical dropped further by nearly 6% on Wednesday amid reports of Sebi reopening an insider trading case against the firm and probing alleged lapses by some of its promoters. Shares of the drug major slipped 5.7% to a low of Rs 417.70 per share on the BSE. However, the company on Monday said it has not received any communication from the market regulator with respect to reopening of insider trading issue. At the time of reporting, Sun Pharma shares were trading 4.93% lower at Rs 420.95 per share today.

    14:24 (IST)05 Dec 2018
    GLOBAL MARKETS: Hong Kong shares slump as trade war worries return

    Hong Kong shares dropped sharply on Wednesday amid renewed fears that China and the U.S. will be unable to reach an agreement on trade, and as an inversion in the U.S. yield curve raised the spectre of recession. The Hang Seng index closed 1.6% lower at 26,819.68 points, while the China Enterprises Index lost 1.4% to 10,756.95 points. The sub-index of the Hang Seng tracking energy shares dipped 2.4%, while the IT sector dipped 1.99%, the financial sector ended 1.93% lower and the property sector dipped 0.57%.

    14:22 (IST)05 Dec 2018
    Indian Overseas Bank to issue 18.24 cr shares under ESPS scheme

    State owned Indian Overseas Bank Wednesday said it has decided to issue more than 18 crore shares to its staff under the employee stock purchase scheme. "The board of directors of the bank, approved the issue and allotment of up to 18.24 crore equity shares to eligible employees of the bank under the Indian Overseas Bank-Employee Stock Purchase Scheme 2018 (IOB-ESPS 2018)," the bank said in a regulatory filing. The lender said that the issue price, including premium, is determined by the committee of directors. IOB shares were trading higher by  0.84% at Rs 14.46 per share on the BSE.

    14:10 (IST)05 Dec 2018
    Banking stocks trade lower ahead of RBI policy meet outcome

    Most banking stocks traded lower today ahead of the RBI policy meet outcome. Check out the stocks here:

    13:59 (IST)05 Dec 2018
    Sensex 200 points down ahead of RBI policy

    Broadly negative global cues and caution ahead of the RBI policy pushed the key indices during the afternoon session on Wednesday to trade over 0.5 per cent lower from their previous close . The market breadth was negative as a number of declining stocks was over twice the advancing once. A total of 627 stocks advanced while 1,534 declined at noon. The rupee continued to depreciate and traded at Rs 70.52 to a US dollar from its close of Rs 70,.49.

    Read here: Sensex 200 points down ahead of RBI policy

    13:47 (IST)05 Dec 2018
    Anil Ambani group stocks slip in trade

    Anil Ambani group stocks slipped in trade on Wednesday. At the time of reporting, Reliance Communications (RCom) shares were trading lower by 5.20% at Rs 16.21 per share on the BSE. Reliance Naval and Engineering (RNaval) shares were down 4.69% at Rs 13.20, while those of Reliance Power (RPower) slipped by 2.67% to Rs 29.15. Shares of Reliance Capital were down 4.68% at Rs 222.20 per share. Reliance Infra shares were down 5.98% at Rs 309.60.

    12:38 (IST)05 Dec 2018
    Most IT stocks in green as rupee weakens against USD

    Most IT sector stocks traded with gains after the rupee weakened against the dollar today. The rupee depreciated by 26 paise to 70.75 against the US dollar in early trade Wednesday at the interbank foreign exchange, amid strengthening of the US dollar and foreign fund outflows.

    12:34 (IST)05 Dec 2018
    NSE Nifty slightly over 10,800; check top gainers and losers

    The NSE Nifty 50 traded 64.70 points or 0.60% lower at 10,804.80 points during the early afternoon trade deals today. Bharti Infratel, Tech Mahindra, HUL, HCL Technologies and HDFC were the top 5 Nifty gainers. Check out the top 5 losers here:

     

    12:29 (IST)05 Dec 2018
    Australia, NZ shares follow Wall Street down, but losses milder

    Australian shares fell on Wednesday, following a sell-off on Wall Street, as a flattening U.S. Treasury yield curve sparked recession concerns, while doubts about Sino-U.S. trade talks unnerved investors amid signs of slowing global growth, Reuters reported. Broad-based losses pushed the benchmark S&P/ASX 200 index down 0.8% or 44.70 points, to 5,668.84 at the close. On Tuesday, the index fell 1%.

    12:04 (IST)05 Dec 2018
    6 out of 30 Sensex stocks trade in green

    The BSE Sensex slipped again during the late afternoon trade deals to trade 231.56 points or 0.64% lower at 35,902.75 points. Only 6 out of the 30 Sensex stocks traded in the green.

    11:56 (IST)05 Dec 2018
    Alembic Pharma gets USFDA nod for hypertension drug

    Alembic Pharmaceuticals has received approval from the US health regulator for Candesartan Cilexetil tablets, used for treatment of hypertension. The company has received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Candesartan Cilexetil tablets USP in the strengths of 4 mg, 8 mg, and 16 mg, Alembic Pharmaceuticals said in a filing to BSE. Shares of Alembic Pharma traded 1.28% higher at Rs 622.95 per share on the BSE.

    11:53 (IST)05 Dec 2018
    Metals crack in trade; Jindal Steel down 6%

    Metal stocks cracked in trade today, with shares of Jindal Steel plunging nearly 6% during late afternoon trade deals. All contituents of the Nifty metal index traded with losses. Meanwhile, the headline Nifty index of the NSE traded 82.10 points or 0.76% lower at 10,787.40 points.

    11:48 (IST)05 Dec 2018
    Global market update: Stocks retreat as falling U.S. yields, trade worries sour mood

    Asian stocks slid across the board on Wednesday, dragged down by Wall Street's tumble as sharp declines in long-term U.S. Treasury yields and resurgent trade concerns stoked investor worries about global economic growth, said a Reuters report. Spreadbetters expected European stocks to open lower, with Britain's FTSE losing 0.9%, Germany's DAX falling 1.2% and France's CAC retreating 1%. Global equities have been shaken as a flattening U.S. Treasury yield curve fans worries about a recession, and on growing doubts that Washington and Beijing will be able to clinch a substantive trade deal during a temporary cease-fire agreed at the weekend.

    11:45 (IST)05 Dec 2018
    Prakash Industries hits 20-month low

    Shares of integrated steel and power company Prakash Industries Ltd fell over 10% to a high of Rs 83.10 after the Enforcement Directorate on Tuesday attached the company's movable and immovable properties worth Rs 117 crore in coal block allocation case. The stock marked their lowest since April 5, 2017, also the biggest percentage loss since September 28. The stock is down 52.7% this year as of last close.

    11:26 (IST)05 Dec 2018
    Dollar stays defensive on Treasury yield curve inversion worry

    The dollar trimmed some of its recent losses but remained under pressure on Wednesday, as an inversion in part of the Treasury yield curve raises concerns about a potential U.S. slowdown, said a Reuters report. The Australian dollar slumped more than half a percent against the greenback as disappointing economic data further dimmed the chance of a rise in rates. The Aussie moved sharply off a four-month top of $0.7394 hit early in the week. Investors were nervous over an inversion of the yield curve between three-year and five-year U.S. Treasury notes and between two-year and five-year notes which limited the dollar's gains. These were the first parts of the Treasury yield curve to invert since the financial crisis, excluding very short-dated debt.

    11:22 (IST)05 Dec 2018
    India's services sector activity in Nov sees quickest growth since July: PMI

    The country's services sector activity in November expanded at the quickest pace since July, driven by new work orders and favourable market conditions, which in turn led to a continued rise in jobs, a monthly survey said Wednesday. The seasonally adjusted Nikkei India Services Business Activity Index rose to a four-month high of 53.7 in November, from 52.2 in October, as firms highlighted factors such as favourable market conditions and sales growth that boosted activity. The services PMI was in the expansion territory for the sixth straight month. Meanwhile, the Nikkei India Composite PMI Output Index -- that maps both the manufacturing and services sector -- rose from 53 in October to 54.5 in November, pointing to the fastest expansion in private sector activity since October 2016.

    10:57 (IST)05 Dec 2018
    Oil prices slip on global growth concerns, swelling US supply

    Oil prices fell on Wednesday, pulled down by swelling U.S. inventories and a plunge in global stock markets as China's government warned of increasing economic headwinds, said a Reuters report. International Brent crude oil futures were at $60.87 per barrel at 0508 GMT, down $1.21, or 2%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $52.33 per barrel, down 92 cents, or 1.7%.

    10:41 (IST)05 Dec 2018
    HDFC twins top Sensex contributors; ITC top drag

    The BSE Sensex traded on a weak note during the mid-morning trade deals today on the back of weak global cues and heavy selling pressure in index heavyweights. HDFC twins were the top Sensex contributors, while ITC, Reliance Industries, ICICI Bank, Kotak Bank and Infosys were among the top index drags.

    10:38 (IST)05 Dec 2018
    China stocks weaken on trade concerns, murky business outlook

    China's stock markets weakened on Wednesday amid doubts whether the country will be able to settle trade differences with the United States before the 90-day deadline expires, and as new data showed a worsening business outlook, said a Reuters report. At the midday break, the Shanghai Composite index was 0.2% down at 2,660.25 points. China's blue-chip CSI300 index edged 0.04% lower, with its financial sector sub-index down by 0.24% and the real estate index up 1.61%, rebounding from a sharp fall on Tuesday.

    10:34 (IST)05 Dec 2018
    Tata Motors shares down 3.32%

    Shares of automobile manufacturer Tata Motors plunged in the morning trade on Wednesday morning, after S&P Global Ratings cut Tata Motors’s long-term rating, the second downgrade for the firm. Notably, Tata Motors share price plunged more than 3% to hit the day’s low at Rs 93.25 after S&P Global Ratings cut its rating deeper into junk category citing headwinds for the company’s Jaguar Land Rover subsidiary.

    Read here: Tata Motors share price plunges 3% after S&P rating cut

    10:20 (IST)05 Dec 2018
    Kesoram Industries slips nearly 8%

    Shares of Kesoram Industries Ltd fall nearly 8% to Rs 89.60 per share today after the company said its Board has approved the demerger of the company’s loss-making tyre business into a separate firm. The stock marked the biggest intraday percentage loss since October 8. BK Birla Group flagship Kesoram Industries on Tuesday said its Board has approved the demerger of the company’s loss-making tyre business into a separate firm, Birla Tyres Limited (BTL), for opening new “growth vistas” for the new entity by attracting fresh investment or technology partnership. Kesoram Industries stock is down nearly 30% this year as of last close.

    Read here: BK Birla group firm Kesoram Industries nosedives 8% after Birla Tyres demerger announcement 

    10:13 (IST)05 Dec 2018
    RBI expected to keep policy rates unchanged; will it go back to 'neutral' stance?

    The Reserve Bank of India (RBI) is expected to keep repo rate unchanged at 6.5% as inflation moderated, oil price came back $60 a barrel-level and rupee strengthened since the last monetary policy meet. It will, however, be interesting to see if the RBI changes its stance back to ‘neutral’ as inflation remained largely below the central bank’s forecast. In the last MPC, the RBI’s decision to not hike the repo rate took everyone by surprise as the market was bracing for it as an intervention amid the rupee rout. RBI governor Urjit Patel defended the decision by saying that the central bank’s mandate is inflation targeting. He also said that the change in stance from ‘neutral’ to ‘calibrated tightening’ meant that the rate cut was off the table.

    Get all LIVE updates here: RBI Monetary Policy LIVE UPDATES: RBI expected to keep repo rate unchanged; will it go back to neutral stance?

    10:10 (IST)05 Dec 2018
    Check out the most traded stocks on the NSE

    RCom was the most traded stock by volume on the NSE during the first hour of trade on Wednesday. The headline index NSE Nifty 50 slipped below the 10,800-mark during the early morning trade session on Wednesday tracking weak global cues and heavy selling pressure across all sectors. Check out the other most traded stocks here:

    10:05 (IST)05 Dec 2018
    PSU banks trade mixed; Oriental Bank of Commerce down over 2%

    PSU banks stocks traded on a mixed note on Wednesday amid a huge sell-off across all sectors. OBC shares slipped over 2% in trade. IDBI, PNB and Vijaya Bank shares were in green.

    10:01 (IST)05 Dec 2018
    Rupee falls 26 paise to 70.75 per US dollar in early trade

    The rupee depreciated by 26 paise to 70.75 against the US dollar in early trade Wednesday at the interbank foreign exchange, amid strengthening of the US dollar and foreign fund outflows. Forex dealers said fresh demand for the American currency from importers weighed on the domestic unit, said a PTI report. Besides, investors were treading the cautious path ahead of the RBI policy decision. The rupee opened lower at 70.70 a dollar and dropped further to quote at 70.75, 26 paise down over its previous close. On Tuesday, the rupee slipped 3 paise to close at 70.49 against the US dollar due to increased demand for the American currency from importers and firming global crude oil prices.

    09:56 (IST)05 Dec 2018
    Oil stocks in green; OIL, ONGC gain over 1%

    Oil stocks rose in trade today after crude oil prices slipped today. According to a Reuters report, oil prices fell, weighed down by swelling U.S. inventories and concerns that slowing economic activity will sap demand for commodities. On the BSE oil & gas index, OIL, ONGC, IOC, IGL, BPCL and Hindustan Petroleum shares gaoned up to 1%.

    09:47 (IST)05 Dec 2018
    Sensex drops further, cracks 260 points

    The BSE Sensex dropped over 260 points to a low of 35,863.59 points during the early morning trade session on Wednesday tracking weak global cues and heavy selling pressure across all sectors. Index heavyweights like Tata Motors, IndusInd Bank, Tata Steel, ITC, Kotak Bank, Vedanta and M&M traded deep in the red.

    09:44 (IST)05 Dec 2018
    NSE live! Nifty slips below 10,800; heavy selling pressure witnessed across all sectors

    The NSE Nifty 50 slipped below the 10,800-mark during the early morning trade session on Wednesday tracking weak global cues and heavy selling pressure across all sectors. Metals index lost the most, followed by FMCG, auto, media, IT and private bank indices.

    Share market on Tuesday:  Sensex and Nifty — the benchmark indices of the domestic equity market — snapped their six-day gaining streak and closed lower on Tuesday tracking weakness in Asian peers, a surge in crude oil prices and heavy selling pressure in most financials, auto, FMCG and realty stocks. According to market observers, caution prevailed ahead of the outcome of the Reserve Bank of India’s (RBI) monetary policy meeting scheduled on Wednesday. The BSE Sensex closed 106.69 points or 0.29% lower at 36,134.31 points. Sun Pharma, M&M, HDFC, SBI, NTPC and InduInd Bank were the top Sensex losers today. On the National Stock Exchange, the Nifty closed Tuesday’s trade 14.25 points or 0.13% lower at 10,869.50 points. Bank Nifty ended lower by 0.61%. BPCL, ONGC, UPL, Indiabulls Housing Finance and IOC were the top gainers on the Nifty, while Sun Pharma, M&M, Grasim, HDFC and SBI were the top losers.
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