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RBI rate cut cheers market
Tue, 29 Sep Closing

After opening today's trading session on a weak note, the Indian equity markets reversed their early losses after the Reserve Bank of India decided to cut the repo rate by 50 basis points and managed to close the session well above the dotted line. The benchmark Sensex today closed the day higher by 162 points while NSE-Nifty closed higher by 48 points. The S&P BSE Midcap index too favored the RBI rate cut and closed higher by 0.4%. On the other hand, S&P BSE Smallcap finished in the red down by 0.2%. Realty and banking stocks were the leading sectoral indices while stocks from healthcare, metal and oil and gas sector closed in red.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.43% and the Shanghai Composite rose 0.27%. The Nikkei 225 lost 1.32%. European markets fell for the second day in a row. The rupee was trading at 66.18 against the US$ in the afternoon session.

Buying activity was witnessed across majority of IT sector with Infosys and NIIT India leading the pack of gainers. According to a leading financial daily, Tata Consultancy Services (TCS) has entered into a new partnership with Nationwide Building Society in the UK for the provision of the ignio neural automation system which will initially be used for batch performance and capacity management. Nationwide, a long-standing TCS customer, selected TCS' Services-as-Software platform ignio - the world's first neural automation system for enterprise IT, as part of its continued transformation of its technology and operations.

Reliance Industries, one of the biggest private sector companies in India, is reportedly planning to raise US$ 1.5 bn through external commercial borrowings (ECB) to refinance its old loans. The company will raise the loan in two tranches - US$ 1.36 bn in American dollars and US$ 140 million in Japanese yen. The maturity of the bonds would be 43 months from the date of issue. Recently, the company had raised US$ 225 million through 10-year bonds. The notes have been issued at par and will bear a fixed interest rate of 2.512% per annum with interest payable semi-annually in arrears and shall rank pari passu with all other unsecured and unsubordinated obligations of the company.

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Please Note: The stock price of Yes Bank on NSE-50 is not adjusted for face value split. Kindly refer to its BSE's quote today for the adjusted price.

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S&P BSE IT


Sep 22, 2017 03:37 PM

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