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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Mid & small caps buck trend 
(Mon, 29 Sep Closing) 
 
After trading flat during post noon trading session, the Indian equity markets lost further ground and closed the day in the red. While the BSE-Sensex today closed lower by 29 points, the NSE-Nifty closed lower by 10 points. However, Midcaps and Smallcaps bucked broader market trend and closed in the positive. While the BSE Mid Cap index closed higher by 1%, the BSE Small Cap index was up by 1.5%. Healthcare and Tech stocks were the biggest gainers today.

As regards global markets, Asian indices closed mixed today. The rupee was trading at Rs 61.5 to the dollar at the time of writing.

In a landmark verdict, the Supreme Court of India has cancelled the approvals of 9 SEZs citing unsatisfactory progress made to execute projects. Some of these SEZs belonged to noted industrialist groups like Adani, Essar and Aditya Birla. The SC has also asked the developers to refund the benefits availed by them. As per the rules, for the approval to be valid at least one unit should commence production within the area inside of 3 years. This gives SEZ an operational status. However, most corporates were unable to fulfill this condition and commence production within the stipulated time period. As a result, their approvals have been cancelled.

The RBI is likely to announce its monetary policy tomorrow. And the consensus seems to be that the Central Bank will choose to remain hawkish despite inflation showing signs of cooling down. It may be noted that retail CPI eased to 7.8% in August from about 8.6% in April. However, the level is still above the comfort zone of RBI and hence many believe that rates will remain intact in tomorrow's monetary policy. It may be noted that until now, high rates have been a big dampener for revival in capex cycle. And with RBI expected to keep them intact, revival in growth may take a bit longer than anticipated.

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S&P BSE SENSEX


Jul 28, 2017 (Close)

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