Sensex sheds 113 points as RBI lowers economic growth projection

Market close: The benchmark Sensex ended the session down by 113 points as the Reserve Bank of India kept the repo rate unchanged at 6 per cent but lowered the economic growth projection to 6.6 per cent for 2017-18 from 6.7 per cent.

The central bank's decision to keep the key interest rate unchanged was largely in line with investor expectations but lowering of economic growth projection dampened the sentiment.

The S&P BSE index, which rebounded by over 470 points in the opening trade in line with positive cues from global markets, slipped into the negative zone due to profit-booking by investors at higher levels and hit a low of 34,008.42.

The BSE index finally ended at 34,082.71 points, down 113.23 points, or 0.33 per cent. It had lost 2,087.31 points in the previous six straight sessions.

Similarly, the 50-share NSE index Nifty closed down by 21.55 points or 0.21 per cent at 10,476.70. Intra-day, it hovered between 10,614 and 10,446.40.

Top gainers, losers : Click here to read the full table

BSE sectoral indices

Nifty indices

Global markets: MSCI's all-country index, however, was up 0.25 per cent after four days in the red, boosted by gains in Europe, Japan and emerging markets. Click here to read more

MSCI's all-country index, however, was up 0.25 per cent after four days in the red, boosted by gains in Europe, Japan and emerging markets .

European markets: All sectors in Europe were trading in positive territory, helping the pan-European STOXX 600 index to rise 0.7 per cent by 0851 GMT. The index is down 3.5 per cent year-to-date. Read more

The Sensex shed nearly 150 points as the RBI has lowered the economic growth projection for 2017.18. The central bank has lowered its growth target to 6.6 per cent for the current fiscal ending on March 31, from 6.7 per cent earlier, but said that it will accelerate to 7.2 per cent in 2018-19.

However, the RBI's policy stance of keeping the repo rate unchanged at 6 per cent was largely in line with market expectations.

The 30-share BSE index was down 144.06 points or 0.42 per cent at 34,051.88 and the Nifty down 31.7 per cent at 10,466.55.

Nifty indices

BSE sectoral indices

The Sensex and Nifty were trading flat as the RBI's policy stance of keeping the repo rate unchanged at 6 per cent has already been factored in. At 3.10 pm, the Sensex was down 22.04 points or 0.06 per cent at 34,173.90 and the Nifty down 0.3 point or 0.00 per cent at 10,497.95.

Nifty chart

Mining leases cancelled: The Supreme Court has quashed the second renewal of iron ore mining leases given to 88 companies in Goa in 2015. Click here to read more

RBI policy: Markets were in the green soon after the RBI kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6 per cent. Read more

The Sensex was up by 16.54 points at 34,212.48 and Nifty up by 3.15 points at 10,501.40 points.

MFs asset base hits all-time high: Investors have pumped over Rs 1 lakh crore into mutual funds in January, driving the industry asset base to an all-time high of Rs 22.41 lakh crore. Read more

RBI policy statemen t: The Reserve Bank of India has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent.

Consequently, the reverse repo rate under the LAF remains at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent.

The central bank said that the decision of the Monetary Policy Committee is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

Gold rises from over 3-week low: Spot gold was up 0.5 per cent at $1,331.23 per ounce, as of 0722 GMT. US gold futures for April delivery rose 0.3 per cent to $1,333.50 per ounce. Read more

Budget proposals on property sector: The property sector did not figure prominently in the recently presented Budget. Still, there are two changes, mainly tax related, that could impact home buyers and sellers. Click here to read more

Realty check : Given that the RBI’s report on the Annual Risk Based Supervision for FY-17 was keenly awaited by the market, ICICI Bank reporting lower slippages in the latest December quarter eases some of the concerns of investors. Click here to read more

The Sensex and Nifty were trading marginally lower as caution prevailed ahead of RBI monetary policy later today. At 1.50 pm, the 30-share BSE index Sensex was trading down by 68.85 points or 0.2 per cent at 34,127.09 and the 50-share NSE index Nifty down 11.2 points or 0.11 per cent at 10,487.05.

Top five Sensex gainers were ONGC, Coal India, Tata Motors, Dr Reddy's and Adani Ports, while the major losers were Wipro, Bharti Airtel, HDFC Bank, NTPC and L&T.

Among BSE sectoral indices, realty, oil & gas, PSU and consumer durables remained investors' favourite, while IT, TECk, banking and capital goods succumbed to selling pressure.

A pricey show: PVR - Hold: The media and entertainment industry is expected to clock healthy growth due to changing consumption pattern and increasing income levels. The stock of PVR, the leading movie exhibitor in the country, stands to benefit from this trend. Click here to read more

V-Guard:  The stock of V-Guard Industries, maker of cables and consumer electronics, seems a good buy. he company is targeting 15 per cent average annual growth in sales over the next four to five years. Click here to read more

Did you know? V-guard has an asset light model with 60 per cent of itsproducts made by outside vendors

Silver futures: Silver prices were up by Rs 194 at Rs 39,099 per kg at the futures trade as participants raised their bets owing to a firm global trend. Read more

The white metal for delivery in March rose Rs 193 or 0.50 per cent to Rs 38,531 per kg in a business volume of 419 lots.

Gold futures: Gold prices were trading higher by Rs 28 to Rs 30,215 per 10 gram at the futures trade as participants built up fresh positions, taking positive cues from global markets. Read more

At the Multi Commodity Exchange, gold for delivery in April rose Rs 28 or 0.09 per cent to Rs 30,215 per 10 gram in a business turnover of 168 lots

Lupin and Yoshindo’s joint venture YL Biologics has said that its late phase clinical studies on a biosimilar version of Etanercept (YLB113) has met with a successful outcome. Click here to read more

The study was conducted at 110 rheumatology clinics across Japan, Europe and India and included 260 Japanese patients from 62 rheumatology clinics, a scale distinct for a global RA trial in Japan.

The Sensex and Nifty were trading marginally higher, after sliding for six consecutive sessions, as Asian markets tentatively recovered, although caution remained ahead of the central bank's policy decision later in the day.

“The policy meet is another brick in the wall as all major factors are global currently,” said Jayant Manglik, president, Religare Broking. “The volatility and uncertainty is going to continue for some time.”

At 12.50 pm, the Sensex was up 34.25 points or 0.1 per cent at 34,230.14 and the Nifty up 16.1 points or 0.15 per cent at 10,514.35.

Top gainers, losers: Click here to read the full table

Nifty indices

Nifty futures: Traders can make use of intra-day rallies to sell the contract while maintaining a fixed stop-loss at 10,515. The contract has an immediate resistance at 10,500. More on this

The contract has an immediate resistance at 10,500. After testing this barrier, the contract is likely to resume its down move.

Is IRFC readying for an IPO: A recent notification of the Ministry of Corporate Affairs has opened the track for lower taxation of IRFC. This shall result in higher valuation and could speed up the green signal for an initial public offer of the company. Click here to read more

indian-railways

Dollar rises : The dollar was a shade higher at 109.590 yen after rising 0.5 per cent overnight. It had gone to as low as 108.460 the previous day during wild swings in global equities. More on this

A file photo of US dollar notes

Sugar stocks sweeten: Sugar stocks surged on hike in import tax to 100 per cent from 50 per cent. Click here to read more

Ugar Sugar Works Ltd, Dhampur Sugar Mills Ltd, Dalmia Bharat Sugar and Industries Ltd rose as much as 3.3 per cent to 6.7 per cent.

KEC International: Shares of KEC International rose as much as 6.7 per cent to Rs 371 on strong December quarter results. Read more

DishTV stocks spurt: Shares of Dish TV gained on Videocon merger hopes. The satellite TV operator stock rose as much as 4.2 per cent to Rs 76.90. Read more

DishTV shares surged 4.2 per cent on hopes of merger with Videocon.

The Sensex and Nifty slipped from intraday highs as investors turned wary ahead of RBI monetary policy statement later today.

At 11.25 am, the S&P BSE Sensex was trading down by 14.26 points or 0.04 per cent at 34,181.68 and the Nifty50 up 4.4 points or 0.04 per cent at 10,502.65.

The Sensex surged 470.39 points to an intraday high of 34,666.33 and the Nifty jumped 108.95 to a high of 10,607.20 tracking a rebound in global markets .

Nifty gainers

Nifty losers

Oil rises on stock market recovery: Brent crude futures were at $67.44 per barrel at 0235 GMT, up 58 cents, or 0.9 per cent, from the previous close. WTI crude futures were at $64.04 a barrel. More on this

Nikkei rises over 3%: The Nikkei 225 share average jumped 3.2 per cent to 22,303.88 in midmorning trade. Read more

Rupee rebounds: The rupee strengthened by 20 paise to 64.04 on fresh selling of the American currency by exporters and banks ahead of the announcement of RBI’s monetary policy. More on this

YES Bank raises $600 million: YES Bank has raised $600 million through its first US dollar denominated bond offering and listed the bonds on London Stock Exchange's International Securities Market (ISM). More on this

MUMBAI, MAHARASHTRA, 29/01/2016: Rana Kapoor, Founder, Managing Director and CEO, Yes Bank announcing the bank’s results in Mumbai on January 29, 2016. Photo: Shashi Ashiwal

The Sensex and Nifty made a sharp recovery on value-buying in blue-chips by domestic institutional investors coupled with a recovery in global markets. However, caution prevailed ahead of RBI monetary policy outcome, where the central bank is likely to keep interest rates unchanged. Yesterday, domestic institutional investors (DIIs) made purchases worth Rs 1,699.74 crore. At 10.20 am, the Sensex was trading higher by 171.32 points or 0.5 per cent at 34,367.26 and the Nifty up 64.35 points or 0.61 per cent at 10,562.20.

BSE sectoral indices

Nifty indices

US stocks make a smart rebound: The Dow Jones Industrial Average rose 567.02 points, or 2.33 per cent, to 24,912.77, the S&P 500 gained 46.2 points, or 1.74 per cent, to 2,695.14 and the Nasdaq Composite added 148.36 points, or 2.13 per cent, to 7,115.88. Read more

3 stocks to turn ex-date for buyback : Bharat Electronics, Gandhi Special Tubes and Savita Oil Technologies - will turn ex-date tomorrow for the proposed buybacks. Read more

Technocraft buyback : Shares of Technocraft Industries (India) will remain in focus, as the company’s ₹147-crore buyback offer opens for subscription today. Read more

Asian shares: Asian share markets were trying to find their footing as a semblance of calm returned to Wall Street where major indices bounced into the black after days of deep losses. More on this

A man looks at an electronic board showing Japan’s Nikkei average outside a brokerage in Tokyo, Japan

RBI policy meet : Analysts expect status quo in the rate stance of the Reserve Bank of India, the rate-setting committee of which is meeting today to decide on key policy rates. Read more

Day Trading Guide : The support and resistance for Nifty50 futures and seven key stocks are given that will help you in intra-day trading. Click here to read the full text

Today's stock pick: Advanced Enzyme Technologies (₹256.7)

Investors with a short-term perspective and seeking to take a contrarian view can consider buying the stock of Advanced Enzyme Technologies at current levels. Read more

The 30-share BSE index Sensex was up 279.99 points or 0.82 per cent at 34,475.93 and the 50-share NSE index Nifty was up 98.45 points or 0.94 per cent at 10,596.70.

The Sensex rebounded by 367.36 points or 1.07 per cent to 34,563.30 and the Nifty crossed the 10,600 level by gaining 108.95 points or 1.04 per cent to 10,607.20.

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