The indices will look at taking support around these levels ahead of a Holi-day tomorrow.
The RBI did its surprise act yet again and cut repo rate by 25bps to 7.5%. Significant dip in inflationary pressures and moderation in core inflation and need to support economic growth prompted the move. To an extent, the policy document sounds like it is moving from a restrained approach to a dynamic one. Whether the central bank proactively pushes growth in ensuing meetings or not remains to be seen now.
For the market, it was yet another swinging day. The indices hit new peaks and came crashing down. Again no point in attributing reasons but profit booking at higher levels and interpretations of a likelihood of a downgrade by a rating agency could have sparked some sell off. S&P official was quoted as saying that the Indian government has to deliver on reforms and the fiscal front for it to consider an upgrade.
The outlook is a weak start. The indices will look at taking support around these levels ahead of a Holi-day tomorrow. Global cues have nothing to encourage a start in the green. US jobs data is due tomorrow and ECB meeting later today will be in focus.
The Dow fell 0.58% while S&P 500 shed 0.44%. Nasdaq was down 0.26%. Asian markets are mixed with Japan's Nikkei 225 and China's Shanghai trading higher while Hong Kong's Hang Seng index is in the red.
Reliance Infra will be in focus today. Reliance Defence Systems along with Reliance Infrastructure is set to enter the defence sector by acquiring Pipavav Defence in an all-cash deal.
RBI Governor Raghuram Rajan in a concall said, “Excessively strong rupee is undesirable and forex intervention will reduce avoidable volatility”. Rajan elaborated, “No doubt recent rate cuts will feed into lower loan rate. We hope to see transmissions to lending rates as we get into FY16, he added.
Housing Development Infrastructure Limited (HDIL), has put on block 113.47 acre industrial plot in Gujarat. The Company’s decision is in line with its philosophy of exiting non-core assets and focusing on debt reduction. The stock ended 2% lower at Rs. 113.
Avantha Power & Infrastructure Limited (APIL) confirmed the signing of a Binding Share Purchase Agreement with Adani Power Ltd. for 100 per cent acquisition of APIL's Korba West Power Company Ltd. (KWPCL). KWPCL, a SPV of APIL, has a commissioned coal based thermal power plant of 600 MW. KWPCL is valued in excess of Rs. 4200 crores.
Nitesh Estates stock hit 20% upper circuit at Rs. 12.58. The Company clarified that it is in midst of two large transaction and are governed under the Non Disclosure Clause.
Shares of Sun Pharma Advanced Research Company Ltd hits 5% upper circuit at Rs. 430. The company announced USFDA approval of ELEPSIA XR (Levetiracetam) extended-release tablets 1000 mg and 1500 mg).
Suzlon Ltd stock ended lower by 6% at Rs. 25.Report said that the company is expecting to turn profitable in the fiscal year starting on 1 April after six years of losses, its chairman Tulsi Tanti reported.
Shares of Essar Ports Ltd hit 5% upper circuit at Rs. 124. The company clarified that the news item as reported in the media is speculative and as such we are not in a position to comment on market speculation. Earlier Reports stated that Gautam Adani led Adani Ports & SEZ is said to be in talks with Essar Group to acquire its ports business.
Metals stock ended lower. Sesa Sterlite and NMDC plunged over 4.5% each to Rs. 212 and Rs. 132, respectively. Bhushan Steel was the biggest per centage loser, down 8.5 per cent at Rs. 92.20.Hindalco dropped 3.5 per cent to Rs. 153. Orissa Mines, SAIL, Coal India, Jindal Saw, Jindal Steel and Tata Steel were down 2-3 per cent each.
For the market, it was yet another swinging day. The indices hit new peaks and came crashing down. Again no point in attributing reasons but profit booking at higher levels and interpretations of a likelihood of a downgrade by a rating agency could have sparked some sell off. S&P official was quoted as saying that the Indian government has to deliver on reforms and the fiscal front for it to consider an upgrade.
The outlook is a weak start. The indices will look at taking support around these levels ahead of a Holi-day tomorrow. Global cues have nothing to encourage a start in the green. US jobs data is due tomorrow and ECB meeting later today will be in focus.
The Dow fell 0.58% while S&P 500 shed 0.44%. Nasdaq was down 0.26%. Asian markets are mixed with Japan's Nikkei 225 and China's Shanghai trading higher while Hong Kong's Hang Seng index is in the red.
Reliance Infra will be in focus today. Reliance Defence Systems along with Reliance Infrastructure is set to enter the defence sector by acquiring Pipavav Defence in an all-cash deal.
RBI Governor Raghuram Rajan in a concall said, “Excessively strong rupee is undesirable and forex intervention will reduce avoidable volatility”. Rajan elaborated, “No doubt recent rate cuts will feed into lower loan rate. We hope to see transmissions to lending rates as we get into FY16, he added.
Housing Development Infrastructure Limited (HDIL), has put on block 113.47 acre industrial plot in Gujarat. The Company’s decision is in line with its philosophy of exiting non-core assets and focusing on debt reduction. The stock ended 2% lower at Rs. 113.
Avantha Power & Infrastructure Limited (APIL) confirmed the signing of a Binding Share Purchase Agreement with Adani Power Ltd. for 100 per cent acquisition of APIL's Korba West Power Company Ltd. (KWPCL). KWPCL, a SPV of APIL, has a commissioned coal based thermal power plant of 600 MW. KWPCL is valued in excess of Rs. 4200 crores.
Nitesh Estates stock hit 20% upper circuit at Rs. 12.58. The Company clarified that it is in midst of two large transaction and are governed under the Non Disclosure Clause.
Shares of Sun Pharma Advanced Research Company Ltd hits 5% upper circuit at Rs. 430. The company announced USFDA approval of ELEPSIA XR (Levetiracetam) extended-release tablets 1000 mg and 1500 mg).
Suzlon Ltd stock ended lower by 6% at Rs. 25.Report said that the company is expecting to turn profitable in the fiscal year starting on 1 April after six years of losses, its chairman Tulsi Tanti reported.
Shares of Essar Ports Ltd hit 5% upper circuit at Rs. 124. The company clarified that the news item as reported in the media is speculative and as such we are not in a position to comment on market speculation. Earlier Reports stated that Gautam Adani led Adani Ports & SEZ is said to be in talks with Essar Group to acquire its ports business.
Metals stock ended lower. Sesa Sterlite and NMDC plunged over 4.5% each to Rs. 212 and Rs. 132, respectively. Bhushan Steel was the biggest per centage loser, down 8.5 per cent at Rs. 92.20.Hindalco dropped 3.5 per cent to Rs. 153. Orissa Mines, SAIL, Coal India, Jindal Saw, Jindal Steel and Tata Steel were down 2-3 per cent each.
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