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Sensex Opens Over 315 Points Up; Banking and Metal Stocks Lead

Mon, 10 Jun 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1% while the Hang Seng is up 2.2%. The Nikkei 225 is trading up by 1.1%. Wall Street's major indices charged higher on Friday, as sharply slowing US job growth boosted hopes for Federal Reserve interest rate cuts while optimism about potential progress in US trade fights with China and Mexico added to risk appetites.

Back home, India share markets opened on a strong note. The BSE Sensex is trading up by 317 points while the NSE Nifty is trading up by 71 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.6% and 0.4% respectively.

All sectoral indices have opened the day on a positive note with metal stocks and bank stocks leading the pack of gainers.

The rupee is currently trading at 69.36 against the US$.

In the news from the banking sector. A day after the RBI cut the key repo rate, public sector Bank of Maharashtra on Friday announced to cut the benchmark one-year MCLR by 0.10% to 8.60%.

Bank of Maharashtra has reviewed and reduced its marginal cost of funds-based lending rates (MCLR) with effect from 7 June 2019.

The one-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced.

Among other loan tenors, the overnight MCLR will attract an interest of 8.155, down by 0.05%, while the three-month tenor rate has been slashed by an equal margin to 8.40%.

Meanwhile, the HDFC bank kept MCLR unchanged in the range of 8.30-8.95%.

The Reserve Bank in its second bi-monthly policy decision announcement Thursday cut the repo rate at which it lends to banks by 0.25% to 5.75%, aimed at spurring demand and boost the economy.

RBI Governor Shaktikanta Das had expressed concerns that banks were slow in transmitting the benefits to the consumer despite successive rate cuts.

According to the data released by the Central Statistics Office on Friday, gross domestic product (GDP) grew by only 5.8% in the last quarter of financial year 2019 (FY19), between January and March.

GDP Growth Slips to 5-Year Low

The RBI has also cut down the GDP expansion forecast to 7% for the current fiscal, against its earlier projection of 7.2% due to slowdown in domestic activities and escalation in global trade war.

Moving on to the news from the economy. As per the RBI's consumer confidence survey, consumer confidence in India dropped in May, as people fretted about jobs and slowing growth in Asia's third-largest economy.

The current situation index fell to 97.3 from 104.6 in March, where 100 is the dividing line between pessimism and optimism.

The future expectations gauge fell to 128.4 in May from a record 133.4, suggesting waning optimism.

Weakening confidence is primarily attributable to the deterioration in sentiments on the economic situation and employment, the central bank said.

Sentiment returning to pessimistic territory adds to the challenge of policy makers trying to boost consumption and investments in an economy growing at the slowest pace since 2014.

The RBI on Thursday cut interest rates to the lowest in nine years to support growth and opened the room for more easing by adopting an accommodative stance.

While private investments have been subdued for some time, a slew of indicators from auto sales to air travel show consumption, which contributes more than 60% to GDP has also waned amid a crisis in the shadow banking sector.

The RBIs consumer confidence survey was conducted in 13 Indian cities and was based on responses from 5,245 households.

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

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