Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Falling Crude Oil Prices, RBI's Repo Rate Cut, and Top Stocks in Action Today
Thu, 8 Aug Pre-Open | Monish Vora, TM Team

On Wednesday, Indian share markets fell sharply during closing hours and ended lower. The BSE Sensex closed lower by 286 points to end the day at 36,691. Tata Motors and Tata Steel were among the top losers.

While the broader NSE Nifty ended down by 93 points to end at 10,856.

Among BSE sectoral indices, metal stocks fell the most by 2.7%, followed by automobile stocks and energy stocks.

Top Stocks in Action Today

Mphasis share price will be in focus today as the company has signed a multi-year deal with Ardonagh Group, UK's largest independent insurance intermediary with global reach.

To know more about the company, you can read Mphasis' latest result analysis on our website.

Thomas Cook share price will also be in focus today as its wholly owned subsidiary - Horizon Travel Services LLC, USA has acquired 51% stake in Digiphoto Entertainment Imaging LLC, USA.

Market participants will also track Page Industries share price, Tata Chemicals share price, and Abbott India share price as these companies will announce their June quarter results later today.

--- Advertisement ---
3 Smallcap Stocks Set for a Massive Rebound

Since the beginning of 2018, smallcap stocks have been hammered hard.

The BSE Smallcap Index has fallen by about 50% since then.

And this has made a few excellent stocks available at dirt-cheap prices.

We've identified 3 such high-potential stocks. The returns they generate from these prices could be mind-blowing.

Potentially 200%, 400%, and even 900% in the coming years.

We're holding a special online event on 9th June where we'll reveal the details of these 3 stocks.

Please click here to sign-up for free
------------------------------

Results Corner

Cipla has reported 77.7% rise in its standalone net profit at Rs 6.9 billion for the June quarter (Q1FY20) as compared to Rs 3.9 billion for the same quarter in the previous year. Total income increased by 7.4% at Rs 33.2 billion for Q1FY20 as compared Rs 30.9 billion for the corresponding quarter previous year.

Voltas has reported a fall of 11.1% in its consolidated net profit at Rs 1,663.2 million for the quarter under review as compared to Rs 1,870.6 million for the same quarter in the previous year.

Mahindra and Mahindra (M&M) reported a 26% decline in its consolidated net profit at Rs 9.2 billion for Q1FY20.

Reportedly, the fall in profit was attributed to sluggish domestic volume and increased cost pressure. The company had posted a profit of Rs 12.4 billion in the year-ago quarter.

Operational revenues for the quarter declined by 7% to Rs 260.4 billion against Rs 280.6 billion in the corresponding quarter of the previous fiscal. Operating profit margin contracted 180 bps to 14% in Q1FY20 from 15.8% in Q1FY19.

--- Advertisement ---
How to Claim Bhambwani's 'Fast Profits' Book, Free

Today, we are going to show you how you can claim a hardbound copy of Vijay Bhambwani's Fast Profits book, virtually FREE.

This book is worth Rs 1,950.

But today you can claim it for virtually nothing.

How?

Just read the full details here...
------------------------------

Indiabulls Housing Finance posted 24% year-on-year (YoY) drop in consolidated net profit at Rs 8 million in Q1FY20. It had a profit of Rs 10.6 billion in the year-ago quarter.

The company's total income fell to Rs 38.9 billion during the June quarter as against Rs 40.7 billion in the year-ago period.

You can read our recently released Q1FY20 results of some other companies here: Bata India, Venkys India, Berger Paints, Torrent Power, Kolte Patil.

From the Currencies Space...

On Wednesday, the rupee witnessed high volatility and slipped towards 71 level after the Reserve Bank of India cut repo rate by 35 basis points to boost the slowing economy.

The rupee had opened on a weak note at 70.92 at the interbank forex market, then fell further to 70.99 against the US$.

Following the RBI's Monetary Policy Committee (MPC) decision, the local currency witnessed heavy volatility. It fell to a low of 70.99 and a high of 70.88 within minutes of RBI policy decision.

--- Advertisement ---
Once-A-Decade-Opportunity: Five "Essential" Stocks to Buy Before the Lockdown Ends...

We're releasing an urgent telephone call transcript between our CEO Rahul Goel and research analyst Richa Agarwal.

Richa has identified five "essential" stocks that have the potential to unlock up to 3x gains over the next 4-5 years.

#1 "essential" stock could rise more than 4 times...

#2 "essential" stock has a potential upside of over 2.5 times...

#3 "essential" stock could potentially surge more than 3 times...

#4 "essential" stock has the potential to rise nearly 3 times....

#5 "essential" stock is well-placed to jump more than 3 times....

This is a rare, once-a-decade opportunity.

Each of these five "essential" stocks are perfectly placed to win the war against coronavirus.

Click Here to Read the Full Call Transcript and Get All Details of These Five "Essential" Stocks...
------------------------------

RBI Cuts Repo Rate by 35 bps

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) announced a 35 basis points cut in repo rate in its third bimonthly policy review of this financial year. After the cut, the repo rate now stands at 5.40%.

The reverse repo rate now stands at 5.15%. The RBI press statement said four out of the six members of the MPC voted in favour of a 35 basis points (bps) rate cut in this monetary policy meet.

RBI in its release said global economic activity has slowed down since June 2019 MPC meeting amid elevated trade tensions and geopolitical uncertainty. RBI also trimmed India's GDP growth forecast for this financial year to 6.9% from 7% earlier.

The release also stated that the transmission of policy repo rate cuts to the weighted average lending rates (WALRs) on fresh rupee loans of banks has improved marginally since the last MPC meeting. Overall, banks reduced their WALR on fresh rupee loans by 29 bps during the current phase.

The apex bank projected CPI inflation at 3.1% for Q2FY20 and 3.5%-3.7% for the second half of FY20, with risk evenly balanced. The MPC noted that inflation is currently projected to remain within the target over a 12-month ahead horizon.

RBI governor Shaktikanta Das clarified that future policy actions will be dependent on upcoming data. He also said that NBFC loans to MSME sector up to Rs 20 lakh will get priority status. He also assured sufficient liquidity to all needy sectors.

Oil Prices Hit New 7-Month Lows

Oil prices fell further on Wednesday, extending recent heavy losses as deepening US-China trade tensions weighed on the outlook for the global economy and energy demand.

Brent crude futures were down 40 cents at US$ 58.54 a barrel, setting a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April.

Brent has plunged more than 9% over the past week after US President Donald Trump said he would slap a 10% tariff on a further US$ 300 billion in Chinese imports from September 1, sending global equity markets into a tailspin.

Tensions in the Middle East remain high after Iran seized several tankers in recent weeks in the Strait of Hormuz, a major chokepoint for oil shipments.

Saudi Energy Minister Khalid al-Falih and US Energy Secretary Rick Perry on Tuesday expressed mutual concern over threats targeting freedom of maritime traffic in the Gulf.

The Energy Information Administration (EIA) lowered its domestic oil growth forecasts for the year after Hurricane Barry disrupted Gulf of Mexico output in July. Production is set to rise by 1.28 million barrels per day to 12.27 million bpd this year.

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

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...

Equitymaster requests your view! Post a comment on "Falling Crude Oil Prices, RBI's Repo Rate Cut, and Top Stocks in Action Today". Click here!

  

Stock Market Updates

Sensex Ends 129 Points Lower; Banking and Finance Stocks Witness Selling (Today's Market)

Jun 4, 2020 Closing

The BSE Sensex ended the day down by 129 points, while the NSE Nifty closed down by 32 points.

LUPIN Surges by 5%; BSE HEALTHCARE Index Up 1.8% (Today's Market)

Jun 4, 2020 03:29 PM

LUPIN share price has surged by 5% and its current market price is Rs 913. The BSE HEALTHCARE is up by 1.8%. The top gainers in the BSE HEALTHCARE Index is LUPIN (up 5.1%). The top losers are LAURUS LABS LTD (down 0.1%) and ABBOTT INDIA (down 0.1%).

CITY UNION BANK Plunges by 5%; BSE BANKEX Index Down 2.8% (Today's Market)

Jun 4, 2020 03:25 PM

CITY UNION BANK share price has plunged by 5% and its current market price is Rs 146. The BSE BANKEX is down by 2.8%. The top losers are CITY UNION BANK (down 5.1%) and RBL BANK LTD (down 6.5%).

ASIAN PAINTS Plunges by 5%; BSE 500 Index Down 0.2% (Today's Market)

Jun 4, 2020 03:25 PM

ASIAN PAINTS share price has plunged by 5% and its current market price is Rs 1,727. The BSE 500 is down by 0.2%. The top gainers in the BSE 500 Index are INOX LEISURE (up 15.9%) and GULF OIL LUBRICANTS (up 13.3%). The top losers are ASIAN PAINTS (down 5.1%) and GODREJ PROPERTIES (down 5.3%).

MULTI COMMODITY Plunges by 5%; BSE 500 Index Down 0.3% (Today's Market)

Jun 4, 2020 03:15 PM

MULTI COMMODITY share price has plunged by 5% and its current market price is Rs 1,298. The BSE 500 is down by 0.3%. The top gainers in the BSE 500 Index are INOX LEISURE (up 14.2%) and GULF OIL LUBRICANTS (up 13.2%). The top losers are MULTI COMMODITY (down 5.2%) and BANDHAN BANK LTD (down 6.1%).

INOX LEISURE Surges by 10%; BSE 500 Index Down 0.6% (Today's Market)

Jun 4, 2020 03:05 PM

INOX LEISURE share price has surged by 10% and its current market price is Rs 257. The BSE 500 is down by 0.6%. The top gainers in the BSE 500 Index are INOX LEISURE (up 10.0%) and GULF OIL LUBRICANTS (up 16.5%). The top losers are BAJAJ AUTO (down 0.1%) and CANARA BANK (down 0.1%).

View More Indian Share Market News

Most Popular

6 Charts Showing the State of Indian Financial Markets in 2020(Sector Info)

May 26, 2020

Six charts showing how Indian financial markets have performed in 2020 so far...

Why We Picked This Smallcap Stock for a Post Coronavirus World(Profit Hunter)

May 28, 2020

Covid-19 has made it a survival of the fittest race for many companies. The ones that can adapt will thrive in a post crisis world.

What the RBI's Rate Cut Means for Options Traders(Fast Profits Daily)

May 25, 2020

The RBI governor has cut the repo rate to 4%. What does this mean for options traders? Find out in this video.

Who Will Be Crowned the 'Multibagger Blue Chip' of the Decade?(Profit Hunter)

May 25, 2020

Will the mutlibagger blue chips of the past decade continue to rule the bourses?

More

India's #1 Trader
Reveals His Secrets

The Secret to Increasing Your Trading Profits Today
Get this Special Report, The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Jun 4, 2020 (Close)

MARKET STATS