RBI's Repo Rate Cut, Global Stock Market Drivers and Top Stocks in Action

Fri, 7 Jun Pre-Open

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The Indian share markets fell sharply and saw biggest one-day fall this year, dragged by banks after the RBI expectedly cut repo rate by 25 bps and changed policy stance to accommodative from neutral.

The BSE Sensex plunged 554 points to 39,530 and the Nifty50 slipped 178 points to 11,844.

GAIL was prominent loser among Nifty50, falling 12% followed by Indiabulls Housing, IndusInd Bank, Yes Bank and SBI which lost 4-8%.

Coal India, Titan Company, Hero Motocorp, Power Grid Corp and HUL bucked the trend, rising 1-2%.

Top Stocks in Focus

PSP Projects share price will be in focus today as the company has received new work orders worth Rs 1.6 billion during the financial year 2019-20 for institutional, industrial and residential projects from various clients.

Marksans Pharma said it received Establishment Inspection Report (EIR) from the USFDA in respect of inspection of the company's Goa facility carried out from 25^th February to 6th March 2019.

DB Realty is going to increase its stake in Mahal Pictures (MPPL) upon settlement of disputes between erstwhile and existing shareholders of MPPL. In terms of the settlement, the company's holding in MPPL shall increase from existing 33.33% to 40%.

Bharti Airtel's share price subsidiary - Airtel Payments Bank has enabled open loop BHIM UPI based payments at over 500,000 merchant points across India.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Results Corner

Market participants will track Orchid Pharma, United textiles, Lakshmi Energy, Ajanta Soya, Berger Paints, Bombay Rayon, Emami Realty among others as they announce their March quarter results today.

The Reserve Bank of India Cuts the Repo Rate by 25 bps

The Reserve Bank of India (RBI) has cut repo rate by 25 basis points to 5.75%. The central bank also changed its stance from 'neutral' to 'accommodative'. The reverse repo rate has also been altered to 5.50%.

This is the third consecutive time that RBI has cut rates by 25bps.

Indian economy has been experiencing a slowdown with unemployment at 45-year highs, CPI inflation excluding food and fuel down to 4.5% in April from 5.1% in March and a revision by the RBI on the GDP for FY20 from 7.2% to 7% indicates just that.

Global Stock Market Drivers

US equity-index futures and European shares advanced on Thursday as the prospect of easier monetary policy continued to help fuel a rebound in stocks. The appetite for risk was limited, however, and government bonds also rose.

Contracts for the three main American equity gauges picked up momentum in the European morning after the S&P 500 notched the biggest two-day rally since January.

Asia's benchmark gauge slipped, with a big decline in Shanghai shares despite a cash injection by China's central bank.

There are lingering concerns for global trade, with discussions between President Donald Trump's administration and Mexican officials ending Wednesday without agreement. Speaking in Ireland on Thursday morning, Trump touted progress in the negotiations as well as the pressure he's putting on China.

Here are some notable to watch out for:

• The European Central Bank policy decision in focus.
• Theresa May steps down today as leader of the Conservative Party.
• Today US jobs report is projected to show payrolls rose by 180,000 in May, unemployment held at 3.6%, a 49-year low, and average hourly earnings growth sustained a 3.2% pace.
• Finance ministers and central bank governors from the G-20 nations gather in Fukuoka, Japan this weekend.

From the Commodities Space...

Oil prices firmed on Thursday after falling to near five-month lows in the previous session, but sentiment stayed weak due to rising US supply and a stalling global economy.

Front-month Brent crude futures were at US$61 a barrel, up 0.6%. US West Texas Intermediate crude futures fetched US$51.84, up 0.3%.

The two benchmarks on Wednesday hit their lowest since mid-January at US$59.45 and US$50.60, respectively, amid a surge in US crude inventories and record production, and as a global economic slowdown was starting to hit energy demand.

Despite Thursday's gains, oil markets are moving into bear territory as defined by a 20% fall from recent peaks reached in late April.

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Indian Share Market Update: Top Gainers and Losers