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%.
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%.
--- Advertisement --- 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.
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 (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.
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:
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
What else is happening in the markets today? Dig in...
GUJ. STATE PETRONET share price is trading up by 5% and its current market price is Rs 262. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are GUJ. STATE PETRONET (up 5.2%) and GSK CONSUMER (up 5.1%). The top losers are BAYER CROPSCIENCE and LAURUS LABS.
GUJARAT PIPAVAV PORT share price is trading up by 12% and its current market price is Rs 114. The BSE REALTY is up by 0.8%. The top gainers in the BSE REALTY Index is GUJARAT PIPAVAV PORT (up 12.5%). The top losers are PRESTIGE ESTATES and PHOENIX MILL (down 0.2%).
STRIDES PHARMA SCIENCE share price is trading up by 5% and its current market price is Rs 878. The BSE HEALTHCARE is up by 1.1%. The top gainers in the BSE HEALTHCARE Index is STRIDES PHARMA SCIENCE (up 5.1%). The top losers are AJANTA PHARMA (down 0.4%) and CAPLIN POINT (down 0.4%).
JAGRAN PRAKASHAN share price is trading down by 7% and its current market price is Rs 63. The BSE 500 is up by 1.3%. The top gainers in the BSE 500 Index are SYMPHONY (up 20.0%) and SHIPPING CORP (up 20.0%). The top losers is JAGRAN PRAKASHAN (down 7.4%)..
JK LAKSHMI CEMENT share price is trading up by 11% and its current market price is Rs 438. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are JK LAKSHMI CEMENT (up 11.0%) and TTK PRESTIGE (up 11.1%). The top losers are CROMPTON GREAVES CONSUMER ELEC. and RAYMOND .
Indian share markets open higher. The BSE Sensex opened up by 481 points, while the Nifty is trading higher by 137 points.
View More Indian Share Market NewsLast time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.
In this video, I'll show you how to get started on the path to daily trading profits.
In this episode, ace trader Brijesh Bhatia talks to us about the best investments of 2021, his profitable trading system, and much more.
An Indian company founded three decades ago in a garage caught my attention...
More
Equitymaster requests your view! Post a comment on "RBI's Repo Rate Cut, Global Stock Market Drivers and Top Stocks in Action". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!