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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets stage a strong finish 
(Tue, 6 Sep Closing) 
 
The Indian stock market had a volatile outing on the bourses today. After opening in the negative, markets started moving upwards during the last two hours of trade as shares from the IT industry recovered from their lows. While the BSE-Sensex closed higher by around 150 points (up 0.9%), the NSE-Nifty closed higher by around 55 points (up 1.1 %). The BSE Mid Cap and BSE Small Cap indices also had a good outing. They closed higher by 0.6% and 0.7% respectively. Oil and gas stocks led the gains by a fair margin, with IT stocks following. The realty and consumer durables indices were however trading weaker.

As regards global markets, major Asian indices had a mixed outing on the bourses today with Japan closing over 2% lower. European indices however opened the day on a positive note. The rupee was trading at Rs 46.00 to the dollar at the time of writing.

Commercial vehicle manufacturer, and the flagship company of the Hinduja Group Ashok Leyland recorded a 3.5% decline in its total sales, which stood at 7,218 units during August 2011 as against the same month of the last year. It sold 7,480 units during the same period of last year. Sales in the domestic market during the period under review dropped 8% to 6,168 units. However on the other hand, export figures grew by 35.5% to 1,050 units in August. The company along with Tata Motors plans to join with Petronet LNG Ltd to launch the use of LNG for vehicles. On account of weak sales in August the stock was closed lower by 0.4%.

The Reserve Bank Of India (RBI) believes that the current statutory liquidity ratio (SLR) and cash reserve ratio (CRR) of 24% and 6% respectively are high, and would like to bring the same down in a calibrated manner. Currently banks have a mandate to maintain 24% of their deposits in the form of liquid instruments such as gold, cash or government bonds. They also have to maintain 6% of their deposits as cash with the Central Bank. Maintaining these liquid reserves serves as a cushion during times of crisis. Earlier the ratio of CRR and SLR combined was 65%, which has now come down to less than half. However, the RBI would like to reduce this further in a gradual manner. This would help boost liquidity in the banking system.

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Sep 20, 2017 (Close)

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