Sensex Trades in Green; RBI Keeps Repo Rate Unchanged at 4%

Thu, 6 Aug 12:30 pm

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Share markets in India are presently trading on a positive note, after the RBI kept repo rate unchanged at 4%.

The BSE Sensex is trading up by 265 points, up 0.7% at 37,900 levels.

Meanwhile, the NSE Nifty is trading up by 77 points.

The BSE Mid Cap index is trading up by 0.5%.

The BSE Small Cap index is trading up by 0.8%.

Sectoral indices are trading mixed with stocks in the realty sector and IT sector witnessing buying interest.

Automobile stocks, on the other hand, are witnessing selling pressure.

The rupee is currently trading at 74.87 against the US$.

Gold prices are currently trading up by 0.8% at Rs 55,552 per 10 grams.

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Speaking of the current stock market scenario, note that after over 2 years of lag, the smallcap index is beating Sensex in the post Covid rebound.

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In news from the macroeconomic space, the Reserve Bank of India kept repo rate unchanged at 4% in its second bi-monthly monetary policy meeting for FY21. It maintained the stance as 'accommodative'.

RBI has already cut interest rates by 115 basis points this year, taking the repo rate down to 4%, the lowest since it was introduced in 2000.

The six-member Monetary Policy Committee (MPC) of the RBI, headed by the Governor Shaktikanta Das, announced the decision after its 24th two-day bimonthly meeting.

RBI governor Shaktikanta Das said global economic activity has remained fragile. He added that global financial markets have been buoyant.

Real GDP growth will remain in the negative, the governor said. However, he said that any positive news on the COVID-19 containment efforts would change this scenario.

In its outlook for the rest of the year, the RBI MPC noted that inflation was expected to remain elevated in the second quarter of 2020-21 and ease thereafter in the second half of the year.

On the economic growth front, Governor Das said, without putting any number to it, that India's real gross domestic product would contract in the first half of FY21 as well as full financial year.

Das said that the merchandise exports contracted for fourth consecutive month though the pace of contraction has moderated. Das further added that imports fell sharply in the month of June.

Note that amid fast-changing macroeconomic environment and a deteriorating outlook for growth, the MPC has had to hold off-cycle meetings in March and May this year.

The MPC has cumulatively cut the repo rate by 115 basis points in these two meetings, taking the total policy rate reduction since February 2019 to 250 basis points.

We will keep you updated on the latest developments from this space. Stay tuned.

Moving on to news from the oil & gas sector, Adani Gas is among the top buzzing stocks today.

Shares of the company slipped 4% today, a day after the company reported a 49% decline in its profit before tax (PBT) for the June quarter at Rs 625.8 million, against Rs 1,227 million in the corresponding period of the previous fiscal.

Net profit for the company fell 42% to Rs 463.3 million and earnings before interest, tax, depreciation, and amortisation (EBITDA) slipped 41% to Rs 860 million.

With continued lockdown of 69 days in Q1FY21, the company witnessed volume impact of 53% as compared to Q1FY20.

Gas sales volumes dropped to 64 million standard cubic meters in the first quarter of fiscal year beginning April 2020, from 137 million metric standard cubic meters (mmscm) in the same period a year back.

CNG sales fell 66% to 24 mmscm while the sale of piped natural gas to household kitchens was down 40% at 40 mmscm.

The company said piped natural gas home connections increased to 4.38 lakh (979 new connections in Q1FY21). Commercial and industrial connections increased to 4,448 during the period under review.

"We are watchful of the ongoing pandemic situation for COVID-19. As a responsible natural gas service provider, Adani Gas Ltd has ensured continuous supply of CNG and PNG, uninterrupted and prompt customer care service during these tough times," said Suresh Manglani, CEO of Adani Gas, in a note.

Adani Gas share price is presently trading down by 2%.

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

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