Sensex ends higher; RBI keeps key interest rate unchanged

TCS was the biggest loser in Nifty, down 3.6 per cent. Infosys, Wipro, HCL Tech, Tech Mahindra also fell between 0.5-1.5 per cent.

The Indian equity markets on Thursday provisionally closed on a flat-to-negative note as weak global cues and heavy selling pressure in oil and gas, IT and consumer durables stocks subdued investors' sentiments.

The RBI's reduction of the SLR (Statutory Liquidity Ratio) - the amount of money banks need to invest in government securities - in its monetary policy review on Wednesday by 50 basis points helped boost investor sentiment, especially in shares of state-owned lenders, with the Nifty PSU Bank Index gaining 1.2 percent.


The BSE Sensex also on Wednesday closed nearly 81 points higher at 31,271.28, buoyed by the RBI's status quo on policy rates and a revised estimate of a good monsoon.

The broader market indices outperformed the Sensex, with the S&P BSE mid-cap index rising by 0.46 per cent and the small-cap index by 0.75 per cent. Later, on profit booking, it slipped to touch a low 31,172.98 before ending 80.72 points, or 0.26 per cent, higher at 31,271.28. "Investors will now look forward to emerging confidence among industry participants as GST rollout approaches", Anand James, Chief Market Strategist, Geojit Financial Services Ltd said.

However, pharma stocks such as Dr Reddy, Sun Pharma and Cipla attracted fresh buying and gained up to 3.79 percent.


However, the BSE market breadth was slightly bullish - with 1,351 declines and 1,330 advances.

This followed the RBI maintaining a "neutral" policy stance and lowering its inflation projections as it delivered a less hawkish policy statement on Wednesday, leaving key interest rates unchanged. Volatility will remain high, as indices are trading at record high and hence, traders should remain cautious and selective in stock picking.



Popular
  • U.S.  evangelical green groups pan Trump's climate accord exit

    U.S. evangelical green groups pan Trump's climate accord exit

    Pruitt insists the USA has nothing to apologize for, having already reduced its own carbon emissions to 1990's levels. The new French president, Emmanuel Macron, says the rest of the world will press ahead without the United States.
    We Love Manchester Emergency Fund passes £10 million mark

    We Love Manchester Emergency Fund passes £10 million mark

    She also organized and headlined the One Love Manchester benefit concerton Sunday (June 4) in their honour. The song will reportedly raise money for the We Love Manchester Emergency Fund and the British Red Cross .

    Apple debuts HomePod speaker

    The big reveal at the company's Worldwide Developers Conference on Monday was the HomePod , a $350 voice-controlled speaker. The research firm IDC says Apple and Xiaomi each has a worldwide market share of almost 15 per cent in the first quarter.
  • Michigan governor supports 2 charged in Flint

    Michigan governor supports 2 charged in Flint

    More than a dozen former state and city officials have been criminally charged in connection to the event. A charge of involuntary manslaughter was filed against the head of the MI health department on Wednesday.

    Turkey's Erdogan to discuss Qatar dispute with Trump, minister says

    Turkish Foreign Minister Mevlut Cavusoglu said Erdogan would discuss the Gulf rift in a telephone call with U.S. Qatar has denied the accusation by Saudi Arabia and the United Arab Emirates that it supports extremist groups.
    Uber Just Fired More Than 20 People In Sexual Harassment Investigation

    Uber Just Fired More Than 20 People In Sexual Harassment Investigation

    Attorney General Eric Holder is leading a separate investigation into sexual harassment and discrimination claims at company. The findings of the Covington & Burling report were presented to Uber's board members last week.
  • Coalition airstrikes in Raqqa causing 'staggering loss of life'

    The Syrian Observatory for Human Rights monitor also reported heavy IS attacks against SDF fighters in the area. That effort to retake the city from ISIS , also referred to as ISIL, was aided by us -led coalition airstrikes.
    4-year-old boy dies of 'dry drowning' days after going swimming

    4-year-old boy dies of 'dry drowning' days after going swimming

    Four-year-old Frankie Delgado passed away suddenly, within several days of swimming with his family in the Texas City Dike . Grover said dry drowning is rare, but it's best to be overcautious since dry drownings are risky when they do occur.

    Apple Announces Smart Speaker, Device Upgrades, and iOS 11

    Under the hood, it is powered by company's A8 chipset and on the top appears the Siri waveform with integrated touch controls. The moves announced Monday escalate Apple's technological battle of wits with Google , Amazon, Microsoft and Facebook.
  • Florida law shifts burden of proof in 'stand your ground'

    Florida law shifts burden of proof in 'stand your ground'

    Counties and cities would be allowed to ban dispensaries, and none could be located within 500 feet of a school. Rob Bradley , a Fleming Island Republican who has been a key player on medical-marijuana issues.
    George Clooney to be on diaper duty for his newborn twins

    George Clooney to be on diaper duty for his newborn twins

    Amal and George Clooney , photographed in Cannes, on May 12, 2016, are already great parents according to the actor's father .

    What WWDC announcements will have the biggest financial impact for Apple?

    In addition to a voice that sounds more natural, machine learning lets Siri learn about you to anticipate what you want and when. The main feature of the tablet is the system of ProMotion, ensure the update rate of images with frequency of 120 Hz.

CONNECT