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RBI's Repo Rate Cut, Global Stock Market Drivers and Top Stocks in Action
Fri, 7 Jun Pre-Open | Monish Vora, TM Team

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 25th 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%.

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FACT: India Was Destined To Prosper Regardless of Whether Modi Won Or Not…

The question on the minds of a lot of our readers until a few days ago was – "Who's going to come to power this time? And will India's growth, and more importantly my gains, be affected by who wins the election?"

Well, in the short term, may be.

But the fact of the matter was – in the long term, we have always believed India was destined for a potential MASSIVE upsurge regardless of whether Modi won or not.

Yes! It's all thanks to the once-in-2000 years economic phenomenon we call the Rebirth of India that could transform our country from developing to developed, take the Sensex past 100,000 and potentially making regular investors a LOT of money.

In fact, the Rebirth of India is actually MUCH bigger than the opening up the economy in 1991 too.

And Modi's re-election could actually act as a catalyst and help accelerate the entire thing.

That's why our Co-Head of Research, Tanushree Banerjee, has identified 7 specific stocks that she believes are potentially best placed to benefit from this coming surge.

But these stocks may not remain in the BUY range for long.

So hurry, just click here for full details now...
------------------------------

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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Stock Market Updates

Sensex Ends 228 Points Higher; Metal and Energy Stocks Witness Buying (Today's Market)

Aug 23, 2019 Closing

While the BSE Sensex closed higher by 228 points, NSE Nifty closed higher by 88 points.

INFO EDGE Plunges by 5%; BSE IT Index Up 1.1% (Today's Market)

Aug 23, 2019 03:26 PM

INFO EDGE share price has plunged by 5% and its current market price is Rs 2,019. The BSE IT is up by 1.1%. The top gainers in the BSE IT Index are TATA ELXSI (up 7.2%) and ORACLE FINANCIAL (up 4.2%). The top losers are INFO EDGE (down 5.4%) and PERSISTENT SYSTEMS (down 5.3%).

ESCORTS LIMITED Surges by 5%; BSE AUTO Index Up 1.5% (Today's Market)

Aug 23, 2019 03:20 PM

ESCORTS LIMITED share price has surged by 5% and its current market price is Rs 454. The BSE AUTO is up by 1.5%. The top gainers in the BSE AUTO Index is ESCORTS LIMITED (up 5.2%). The top losers is EICHER MOTOR (down 1.1%).

CASTROL INDIA Surges by 5%; BSE OIL & GAS Index Up 3.4% (Today's Market)

Aug 23, 2019 03:16 PM

CASTROL INDIA share price has surged by 5% and its current market price is Rs 120. The BSE OIL & GAS is up by 3.4%. The top gainers in the BSE OIL & GAS Index are CASTROL INDIA (up 5.1%) and BPCL (up 5.2%). The top losers [TOPLOSERS].

GE POWER INDIA LTD Surges by 11%; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

Aug 23, 2019 03:14 PM

GE POWER INDIA LTD share price has surged by 11% and its current market price is Rs 822. The BSE CAPITAL GOODS is down by 0.3%. The top gainers in the BSE CAPITAL GOODS Index is GE POWER INDIA LTD (up 10.7%). The top losers are ELGI EQUIPMENTS (down 0.1%) and THERMAX (down 0.2%).

VODAFONE IDEA Surges by 10%; BSE 500 Index Up 0.9% (Today's Market)

Aug 23, 2019 02:26 PM

VODAFONE IDEA share price has surged by 10% and its current market price is Rs 6. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 10.1%) and STERLITE TECH. (up 13.3%). The top losers are PAGE INDUSTRIES and GSK CONSUMER (down 0.1%).

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