Share Market Highlights: Sensex, Nifty end in deep red after mild RBI rate cut, GDP forecast disappoint

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Updated:Oct 04, 2019 3:42:41 pm

Share Market highlights: Indian stock markets extended decline on Thursday after a mild RBI repo rate cut of just 25 bps disapointed investors.

Sensex, Nifty50, NSE, BSE Metal Index, FPI, BSE Telecom, corporate tax rateThe Sensex closed 434 points down at 37,673, while the Nifty closed below the 11,200-mark.

Share Market highlights: Indian stock markets extended decline on Thursday after a mild RBI repo rate cut of just 25 bps disapointed investors. The Sensex closed 434 points down at 37,673, while the Nifty closed below the 11,200-mark. The street was expecting the RBI Monetary Policy Committee, led by Governor Shaktikanta Das to cut key interest rates by as much as 40 basis points, in an effort to supplement the government’s fiscal measures to revive a sagging economy. Meanwhile, quick action in Punjab and Maharashtra Cooperative bank case may have given some relief to depositors and other stakeholders. The RBI yesterday increased the withdrawal limit for depositors to Rs 25,000, from the previous Rs 10,000. This was the second such relaxation by RBI, which had earlier limited withdrawals from PMC bank at Rs 1,000, leaving many depositors in anguish. Investors today have an opportunity to invest in blue-chip PSU firms via Bharat-22 ETF, which opened for retail investors. This follows the blockbuster success of the just-concluded IRCTC IPO, which was oversubscribed 111 times, becoming the most subscribed PSU public issue ever. We bring to you highlights.

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Highlights

    15:40 (IST)04 Oct 2019
    BSE live: Sensex, Nifty end in deep red after mild RBI rate cut, GDP forecast disappoint

     Indian stock markets extended decline on Thursday after a mild RBI repo rate cut of just 25 bps disapointed investors. The Sensex closed 434 points down at 37,673, while the Nifty closed below the 11,200-mark. The street was expecting the RBI Monetary Policy Committee, led by Governor Shaktikanta Das to cut key interest rates by as much as 40 basis points, in an effort to supplement the government’s fiscal measures to revive a sagging economy.

    15:20 (IST)04 Oct 2019
    While Samsung shuts shop in China, Chinese phones hound it in India; deal severe blow to sales

    While South Korean mobile phone maker Samsung has shut down its last operating facility in China as it faces cut-throat competition from rival local brands, the company is also facing the heat of burgeoning competition from Chinese manufacturers in India. “In India, Xiaomi and Oppo are fast gaining market share at the expense of Samsung especially in the entry-level segment where price is an important purchase criteria for consumers,” Loo Wee Teck, Head of Consumer Electronics at Euromonitor International, told Financial Express Online. In fact, four out of India’s top-selling phone brands belong to China, led by Xiaomi, according to IDC’s latest data. Meanwhile, Financial Express Online has reached out to the company for further comments.

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    14:14 (IST)04 Oct 2019
    Sensex, Nifty extend fall as RBI's mild repo rate cut, GDP forecast disappoint

    Indian stock markets extended decline after a mild RBI repo rate cut of just 25 bps disapointed investors. The Sensex was down about 255 points to 37,852, while the Nifty was trading near the 11,200-mark. The street was expecting the RBI Monetary Policy Committee, led by Governor Shaktikanta Das to cut key interest rates by as much as 40 basis points, in an effort to supplement the government's fiscal measures to revive a sagging economy. A look at LIVE Sensex heatmap.

    13:59 (IST)04 Oct 2019
    Don’t judge all cooperative banks by PMC scam: RBI guv Shaktikanta Das says banking system safe and sound

    Reserve Bank governor Shaktikanta Das on Friday said the banking system is sound and stable, and one incident at a cooperative bank should be used to generalise the health of the entire financial system. On September 23, the RBI had put restrictions on Punjab & Maharashtra Cooperative (PMC) Bank after it had found out financial irregularities, and under-reporting of loans given to real estate developer HDIL. The curbs included barring the bank from lending and accepting fresh deposits for the next six months apart from capping withdrawals first at Rs 1,000 per account which was later revised upwards to Rs 10,000 and then again to Rs 25,000.

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    12:56 (IST)04 Oct 2019
    Big income tax cuts on cards: After corporate tax bonanza, govt planning this Diwali gift for people

    This Diwali may bring prosperity for many as the Narendra Modi-led government is considering to cut the personal income tax rates. As the next step in the continued efforts to boost demand and investment in the economy, the government is planning to leave more cash in the hands of the people by reducing the taxman’s share. The government is considering rationalising personal income tax rates, the Hindustan Times reported citing two unidentified officials. The move will result in the increase of disposable incomes, especially among the middle class, and hopefully drive consumption and growth, the report said.

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    12:50 (IST)04 Oct 2019
    No reason to doubt that government will maintain the fiscal deficit: Shaktikanta Das

    "We have no reason to doubt that the government will maintain the fiscal deficit. The global markets have further weakened since the last meeting and the central banks have tried to maintain their stance as accommodative. It does take time for the impact to filter in the real economy and the central bank will also have to see the effect of the fiscal measures taken by the government, therefore, RBI has not lowered the repo rate by more than 25 basis points," RBI governor Shaktikanta Das said. 

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    12:46 (IST)04 Oct 2019
    PMC Bank: ED raids 6 locations, slaps money-laundering charge

    The ED on Friday raided six locations in Mumbai and adjoining areas and registered a money-laundering case to probe alleged fraud in the Punjab and Maharashtra Cooperative (PMC) Bank case, officials said. They said the raids were being conducted after a criminal compliant was filed under the Prevention of Money Laundering Act (PMLA) by the central agency. The Enforcement Directorate case is based on an FIR filed by the Economic Offences Wing (EOW) of Mumbai police. The raids are aimed at gathering additional evidence, ED sources said.

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    12:44 (IST)04 Oct 2019
    Provident Fund subscriber? Fearing company shut down? Modi govt plans this for your PF

    Employee Provident Fund (EPF) rules amendment 2019: The government is planning to amend certain sections of The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952 to bring more clarity to the law. The proposed amendments also seek to empower subscribers by making the payment of PF dues the topmost of priority of companies. At a time when a lot of companies are going bankrupt or closing down or facing downtrend because of several reasons, this proposal is set to boost the confidence of lakhs of employees enrolled under the EPF scheme.

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    12:41 (IST)04 Oct 2019
    SpiceJet set to become second-largest domestic career in terms of fleet size

    Budget carrier SpiceJet could become the second-largest domestic carrier in terms of fleet size by early next year as it expects grounded Boeing 737-8 Max to be back in service in January 2020. SpiceJet chairman and managing director Ajay Singh told a business news channel that the airline’s total fleet size will be around 125 planes by January after the re-induction of the Max fleet. To be sure, SpiceJet is already the second-largest carrier in the country in terms of domestic market share after the grounding of Jet Airways.

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    12:37 (IST)04 Oct 2019
    PSU disinvestment: Modi govt amends process for strategic sale

    In what shows the Modi 2.0 government’s policy intent to privatise a clutch of large state-run firms, starting with the current financial year itself, the Cabinet on Thursday approved new processes for strategic disinvestment, where the Department of Investment and Public Asset Management (DIPAM) will play the role of the nodal secretariat. The idea is to streamline and fast-track the process, reducing the role of administrative ministries which often used to place hurdles on the path of major stake sale. 

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    12:34 (IST)04 Oct 2019
    Good News Taxpayers! Income Tax Department can’t issue you a notice or order without doing this

    In a bid to provide better services to taxpayers and ensure greater accountability and transparency in tax administration, the Central Board of Direct Taxes (CBDT) has announced the launch of Documentation Identification Number (DIN), which from now onwards will have to be carried in every communication of the Income Tax Department. This means that in the future if someone receives a letter, summon, notice, order, etc, from the I-T Department, without having a computer-generated DIN, then that notice, letter or any other communication related to assessment, penalty and prosecution, etc, will be treated as invalid.

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    12:31 (IST)04 Oct 2019
    NEFT transfer to be available 24 hours now; send money to other bank accounts round the clock

    RBI today said that it will make it easier for people to transfer money as NEFT will soon be available 24 hours as opposed to working hours on weekdays as of now. The revised timings will be effective from December this year, RBI announced in Friday’s Monetary Policy Meet. The same is likely to spur retail and online payments in the country. National Electronic Funds Transfer is Reserve Bank of India controlled platform which facilitates interoperable payment for fund transfer by a customer between different accounts.

    12:26 (IST)04 Oct 2019
    Repo rate at record low, should help to boost sales; says expert

    "In line with the government’s efforts to revive growth in the economy, the RBI has lowered the repo rate to a record level. This further reduction of repo rate is a much needed and encouraging move and will propel the Indian real estate industry into a recovery drive in the near future. It will now definitely be a buoyant festive season for the sector. This move will ease liquidity and leave more money in the hands of home buyers. Despite the reduction in repo rates by the RBI in the previous reviews, it did not have any significant impact on lending rates. We now hope that the current rate cut would translate into lower EMIs and help soften home loan rates and also boost sales," Kiran John, Joint Managing Director of Terapact said. 

    12:17 (IST)04 Oct 2019
    RBI Alert! Repo Rate cut by 0.25%, your Home, Car, Personal loan EMI to come down soon

    The Reserve Bank of India (RBI) in its bi-monthly Monetary Policy Statement for 2019-20 on Friday cut the repo rate by 0.25 per cent. The repo rate now stands at 5.15 per cent as against 5.40 per cent earlier. Even while the RBI is signalling and cutting the policy rates, the lending rates in the economy still seem to be on the higher side. From October 1, most banks are lending (car loans, home loans) at an interest rate linked to the RBI repo rate, as they have to opt for an external benchmark now. It is referred to as repo linked lending rate (RLLR) which will vary across every bank, if they choose the repo rate to be their external benchmark. In case a borrower goes to any such bank for a home loan, he or she will be offered an RLLR home loan.

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    12:11 (IST)04 Oct 2019
    BSE live: Sensex, Nifty slip into red as RBI’s mild repo rate cut, GDP forecast disappoints

     Indian stock markets slipped into losses after a mild RBI repo rate cut of just 25 bps disapointed  investors. The Sensex was down about 40 points to 38,070, while the Nifty was trading below the 11,300-mark. The street was expecting the RBI Monetary Policy Committee, led by Governor Shaktikanta Das to cut key interest rates by as much as 40 basis points, in an effort to supplement the government’s fiscal measures to revive a sagging economy. A look at LIVE Sensex heatmap.

    11:55 (IST)04 Oct 2019
    Turn Rs 1 Lakh into Rs 1.46 Lakh with this scheme where PM Modi has invested Rs 5 lakh

    Prime Minister Narendra Modi doesn’t have much to show when it comes to investing in diverse instruments. But he does keep faith in bank fixed deposit and National Saving Certificate (NSC), which is one of the fixed investment schemes offered by Post Office. A voluntary disclosure by the Prime Minister’s Office in September last year had revealed that the PM held NSC worth Rs 5,18,235. The government this week decided not to change the interest rates of various small savings scheme. This means, in the October to December quarter, new National Saving Certificate buyers would continue to enjoy the same 7.9 per cent interest rate as the previous quarter.

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    11:51 (IST)04 Oct 2019
    RBI cuts GDP growth target to 6.1%

    RBI maintains Monetary and Credit Policy stance at 'Accomodative', as was widely expected. Persistently low inflation within the target range may have given RBI the room to remain accomodative. RBI says, FY20 GDP growth target cut to 6.1% from 6.9%. 

    11:49 (IST)04 Oct 2019
    RBI cuts repo rate by 25 basis points

    RBI cuts repo rate by 25 basis points to 5.15%. RBI cuts repo rate by 25 basis points to 5.15%. Followed by the 25 basis points cut in today's review meeting, a cut in December meeting is also likely. 'The RBI has already cut rates by 110 basis points but the transmission is bad. Only 30-40 percent of repo rate cuts are actually transferred into a lower lending rate,' Pranjul Bhandari of HSBC Securities and Capital Markets said in an interview at ET Now.

    11:43 (IST)04 Oct 2019
    Another repo rate cut on cards; these factors to weigh on MPC’s mind

    The Reserve Bank of India is likely to cut the repo rate for the fifth time in a row. The RBI has already cut the repo rate by 110 basis points from 6.5 per cent in February 2019. The bi-monthly Monetary and Credit Policy Review is coming out at 11:45 am today. RBI’s intention to cut the repo rate successively in its MPC meeting is seen as an additional boost to the government’s fiscal measures to revive a sagging economy. 

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    10:28 (IST)04 Oct 2019
    Oil edges higher but on track for big weekly loss

    Oil futures edged higher on Friday but were on track for a large weekly loss on fears that slower global economic growth will hurt fuel demand, while Saudi Arabia said it has fully restored oil output after recent attacks. Brent crude oil futures rose 8 cents, or 0.1%, to $57.79 a barrel by 0138 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 12 cents, or 0.2%, to $52.57.

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    10:24 (IST)04 Oct 2019
    Rupee rises 9 paise to 70.78 vs US Dollar in early trade ahead of RBI policy decision

    The Indian rupee appreciated by 9 paise to 70.78 against the US dollar in early trade on Friday ahead of the Reserve Bank of India’s monetary policy decision. Forex traders said, the domestic unit was trading higher as investors believe the RBI will go for yet another rate cut to boost slowing economic growth. The RBI’s Monetary Policy Committee (MPC) is slated to announce its fourth bi-monthly policy decision for this fiscal later in the day.

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    10:02 (IST)04 Oct 2019
    Guiding markets from crisis to calm needs confidence, coordination and capital

    When commemorating anniversaries, we tend to reserve our special attention for round-number, decadal years. Last year, around this time, the world—and India—remembered and recounted its lessons from the Great Financial Crisis (GFC) that reverberated across the globe in September 2008. Since it is the nature of history to repeat, but not to rhyme, decadal recounting of experiences and learnings serve as good markers, but may not be timed to perfection.

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    09:50 (IST)04 Oct 2019
    Yes Bank share price extends gains after biggest ever one-day surge on Thursday

    Yes Bank shares extended gains on Friday morning, up 6% to Rs 45.85, after registering record one-day surge yesterday. Shares of private sector lender Yes Bank zoomed on Thursday, after the overhang relating to pledged shares ended, and CEO Ravneet Gill allayed concerns relating to asset quality. Yes Bank shares ended 33% higher at  Rs 42.55 on BSE. In a stock exchange filing, Yes Bank said a “forced sale” of 10 crore pledged equity shares or 3.92% of the bank’s share capital by lenders were primarily responsible for Tuesday’s crash in the stock price earlier this week.

    Check live stock price: Yes Bank

    09:33 (IST)04 Oct 2019
    Nirmala Sitharaman's corporate tax cut to boost $5 trillion economy dream

    Billed as the third significant reform after the roll out of the goods and services tax (GST) and the insolvency and bankruptcy code (IBC), the government’s decision to slash the effective corporate tax rate will go a long way in achieving the Prime Minister Narendra Modi’s cherished dream of becoming a $5 trillion economy. There are three elements that may work in favour of the government to achieve the target of doubling the size of the economy in thenext five years.

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    09:26 (IST)04 Oct 2019
    Sensex surges ahead of RBI MPC, Yes Bank zooms 6%; Bharat 22 opens for retail

    The headline indices Sensex and Nifty opened higher tracking global cues, and ahead of the RBI Monetary Policy decision today. Analysts estimate a 25-35 bps rate cut amid ongoing economic slowdown. The Sensex is up about 280 points to 38,388, while the Nifty is trading near the 11,400-mark. A look at LIVE Sensex heatmap.

    09:11 (IST)04 Oct 2019
    Flipkart strengthens focus on artisans, weavers; partners with UP Khadi board for local units to e-sell

    Walmart-owned Flipkart on Thursday signed a memorandum of understanding (MoU) with the Uttar Pradesh Khadi & Village Industries Board (UPKVIB) under its Samarth programme launched in July this year to onboard Indian artisans, handicraft makers, and weavers on its platform to sell. Through the MoU, Flipkart will collaborate with the UPKVIB registered affiliates working in the arts, textile and handicrafts space in the state to sell khadi fabrics and other village industries products online, Flipkart said in a statement. Under the Samarth initiative, artisans onboard are given incubation support along with help in cataloguing, account management, dedicated seller support, warehousing etc.  

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    09:10 (IST)04 Oct 2019
    Online festive sales cross $1.8 billion; Amazon says premium mobiles sell the most this time

    The ongoing festive season sales on e-commerce platforms have crossed $1.8 billion in value, and the mobile phones remain the most selling category. 2019’s festival sales, which are touted to be bigger than ever, have been live for several days now and according to RedSeer consulting firm, apart from electronics, value growth is also being driven by fashion and furniture. Further, sales are being led by smaller cities as most of the buyers belong to tier 2 and tier 3 regions. “Looking at the trends and results from the first 3 days of its 8-day “Snap-Diwali” Sale, Snapdeal shared that nearly 92% of the orders received so far are from non-metro locations,” a Snapdeal spokesperson said.

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    08:50 (IST)04 Oct 2019
    Blockbuster issue: IRCTC IPO subscribed 112 times on Day 3; stellar demand from retail investors

    Indian Railway Catering and Tourism Corporation (IRCTC) IPO has turned out to be blockbuster, as the issue was subscribed 112 times as at the end of last day of bidding. The Rs 645 crore IRCTC IPO received bids for 225 crore shares, as against the total issue size for 2.01 crore, implying a subscription of more than 112 times. The retail investor category saw bids for more than 14 times the issue size, while NII’s bid for more than 355 times the portion reserved for them. The employee category received bids for 5.76 times their reserved portion. The QIBs bid for a 109 times their alloted portion. Through the IRCTC IPO, the government looks to raise up to Rs 645.12 crore at the higher end of the price band.

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    08:48 (IST)04 Oct 2019
    Wall Street gains as weak services data raises rate-cut expectations

    Wall Street stocks climbed on Thursday after data showing U.S. services-sector activity at a three-year low fueled expectations that the Federal Reserve would cut interest rates to stem a wider economic downturn. Microsoft rose 1.2% and Facebook added 2.7%, with the two contributing more than any other companies to the S&P 500’s gain.

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    08:48 (IST)04 Oct 2019
    US pushes Facebook for way to peek at encrypted messages

    US officials are calling on Facebook not to use snoop-proof encryption in all its messaging services without providing authorities a way to see what is being sent. The request was laid out in a letter signed by US Attorney General William Barr, along with British home secretary Priti Patel and Australian minister for home affairs Peter Dutton.

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    08:47 (IST)04 Oct 2019
    Asia stocks edge higher but markets on tenterhooks ahead of US payrolls

    Asian stocks edged higher on Friday, thanks to gains on Wall Street, but the mood was cautious before a key U.S. job report that could help determine whether the Federal Reserve cuts interest rates further. Investors have been caught out by a set of weak U.S. data this week, including surveys on services and manufacturing sectors, deepening fears the Sino-U.S. trade war is starting to hurt growth in the world’s biggest economy. “We’ll probably see a bounce in Asian shares, but then nervousness will creep into the markets as the day progresses,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors in Sydney.

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