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Indian markets open firm on rate cut
Thu, 15 Jan 09:30 am

Barring the stock market in S. Korea (down 0.17%), all the major Asian stock markets have opened the day on a firm note. The stock markets in Japan (up 1.1%) and China (up 0.9%) were leading the gains. The Indian share markets have also opened on a positive note. Majority of sectoral indices have opened in green with realty and banking stocks leading the pack of gainers.

The Sensex today is up by around 509 points (1.8%), while the NSE-Nifty is up by about 143 points (1.74%). The mid cap and small cap stocks have also opened in green with BSE Mid Cap index and BSE Small Cap index up by 1.25% and 1% respectively. The rupee is currently trading at Rs 62.15 to the US dollar.

The Reserve Bank of India (RBI) on Thursday has cut the reverse repo rate by 25 basis points to 7.75%. The CRR rate is kept unchanged at 4%. It is imperative to note, there has been an ongoing debate on the rate cut since some time now. However, this move was not anticipated by various experts. The recently reported inflation number was little higher at 0.11% than the flat inflation reported in November 2014.

Energy stocks have opened firm today with Indraprastha gas and Oil India Ltd being the leading gainers in the pack. As reported in a financial daily, the Indian government is under process of selling 10% of its stake in Indian Oil Corp (IOC) this fiscal. This stake sale will help the government in raising about Rs 81.5 bn. Reportedly, the Department of Disinvestment (DoD) has circulated a draft note for the consideration of the Cabinet Committee on Economic Affairs (CCEA). Currently the government is holding approx 68.57% stake in the IOC. The finance Minister Arun Jaitley had discussed possible disinvestment candidates in oil sector, other than ONGC, with Petroleum Minister Dharmendra Pradhan recently.

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Feb 23, 2018 (Close)