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Governor Raghuram Rajan-led Reserve Bank of India (RBI) cut policy interest rate by 25 bps on Tuesday, easing policy for a third time this year.
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The benchmark BSE Sensex plunged by 661 points on Tuesday to 27,188.38 as RBI took a cautious stance on the economic recovery even as it cut policy rates by 25 bps, while forecast of a deficient monsoon added to the rout. The wide-based NSE Nifty slipped below the crucial 8,300-level by plunging 196.95 points or 2.34 per cent to settle at 8,236.45. Intra-day, it shuttled between 8,445.35 and 8,226.05.
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Seven people were confirmed dead and at least 430 remained missing on Tuesday, following the capsizing of a cruise ship in Asia's longest river Yangtze in central China as more than 4,000 rescue workers race against time to find survivors amid rough weather conditions.
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Wheat Procurement
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Indian rupee depreciated by 12 paise to end at 63.82 against the American currency owing to robust dollar demand from importers amid steep losses in local equities after the RBI took a cautious stance on the economic recovery and hinted there may not be more cuts in near-term.
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Gold prices edged up by Rs 45 to Rs 27,270 per ten grams at the bullion market on Tuesday on scattered buying by jewellers at prevailing levels even as the metal weakened overseas.
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SIDBI Q4 Financials
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After opening in positive terrain, BSE Sensex touched day's high of 27,902.53. It gave up initial gains and slipped into negative zone just after RBI monetary policy and nosedived to hit day's low of 27,146.68 before settling at 27,188.38 points, down 660.61 points or 2.37 per cent.
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Shares of Hero MotoCorp ended with nearly 4 per cent losses, wiping-out Rs 2,033.5 crore from its market valuation, after the company reported 5.41 per cent decline in sales in May.
e-Aadhaar app launch in India: Easily update your date of birth, address and phone number instantly with the upcoming all-in-one app
