LIVE UDPATES: Who is moving my market today
If you are reading this, chances are theSensex and the Nifty are part of your daily life, and actions on Dalal Street can make or mar your day. That’s probably the reason why you are on this page, where we try to capture every action — big or small — from the listed universe of India Inc; be it largecap, midcap or smallcap. Plus, we keep you up-to-date on anything that may move your market.
Stay with us to stay updated!
@9.35 AM: Rate-sensitive banking and auto stocks lead Sensex gainers ahead of RBI meet.
@9.30 AM: The S&P BSE Midcap Index was up 0.19 per cent and BSE S&P Smallcap Index was trading 0.31 per cent higher.
@9.20 AM: RBI is likely to hold policy rates in its bi-monthly policy review slated on Tuesday, say money market participants. A poll of 12 economists by The Economic Times shows that the RBI would maintain a neutral stance.
PRE-OPEN SESSION: Sensex, Nifty50 flat; Tata Motors, Dhanlaxmi Bank up 1% each.
@9.00 AM: Market outlook: The domestic equity indices are likely to open on a cautious note on Tuesday ahead of the Reserve Bank of India’s money policy review scheduled for later in the day and US Fed Chair Janet Yellen’s overnight comment on likely rate hikes.
Meanwhile, Nifty50 futures on the Singapore Stock Exchange were trading 39.50 points higher at 8,274, also indicating a positive opening for the domestic market.
@8.50 AM: This is what is happening in Asia ….
@8.35 AM: And here’s what happened in the US markets:
Meanwhile, this is what happened in the European markets:
@8.30 AM: …and in the financial markets yesterday
Rupee up: Extending gains against the American currency for the third day on Monday, the rupee firmed up by 28 paise to close at 3-week high of 66.97 on sustained selling of dollars by exporters on the back of strong foreign capital inflows.
Call rates up: The overnight call money rates gained on sustained demand from borrowing banks on the face of tight liquidity conditions in the banking system, ending higher at 6.60 per cent from last Friday’s closing level of 6.25 after moving in a range of 6.60 per cent and 6.20 per cent in early trade.
Bonds rebound: Government bonds (G-Secs) staged a smart rebound following fresh demand from corporates and banks and the Inter-bank call money rates also gained on sustained demand from borrowing banks on the face of tight liquidity conditions in the banking system. The 7.59% G-Secs maturing in 2026 climbed to Rs 100.7725 from Rs 100.6750 previously, while its yield fell to 7.47% from 7.49%. The 7.88% G-Secs maturing in 2030 rose to Rs 101.04 from Rs 100.93, while its yield moved down to 7.75% from 7.77%. The 8.27% G-Secs maturing in 2020 gained to Rs 103.20 as against Rs 103.1450, while its yield went down to 7.33% from 7.35%. The 7.68% G-Secs maturing in 2023, the 7.59% G-Secs maturing in 2029 and the 7.72% G-Secs maturing in 2025 were also quoted higher to Rs 100.4950, Rs 99.2725 and Rs 100.4550 respectively.
Liquidity: RBI under the Liquidity Adjustment Facility (LAF), purchased securities worth Rs 2218 crore in 4-bids at the overnight repo auction at a fixed rate of 6.50 per cent. It sold securities worth Rs 6990 crore from 35-bids at the 2-day reverse repo auction at a fixed rate of 6.00 per cent as on June 4.
@8.25 AM: Here goes a recap of how Sensex ended yesterday….
@8.20 AM: Here are all small and big stories that might affect your market today:
► US Federal Reserve chief Janet Yellen yet again made the markets happy by giving them hope. In a Philadelphia speech on Monday night, she said “gradual rate hikes” are still expected but did not provide any timeline.
► And nobody seems to care about a rate cut. They want to know whether Dr Rajan will stay or head for an exit (Rexit).
► The government has moved to cap prices of 56 drugs under its drug price control mechanism. The move will hurt companies like Sun Pharma, Abbott, Novartis, Alembic, Biocon and Alkem Labs.
► The Indian FMCG giant has called out Patanjali’s ‘faith-based” products and believes it will always emerge triumphant against the Baba Ramdev-led firm due to the higher quality of its “science-based” products.
► Commodities are back, and are straight away heading into the bull market territory. The raw materials market that has been in the clutches of the bears for the past several years and that hit a 25-year low in January are inching to break out.
@8.15 AM: And here are some Buy/Sell ideas to begin your trading day…
@8.00AM: Good morning, dear reader!
Here’s something to kickstart your trading day…
Respect the market. Have an open mind. Know what to stake – Rakesh Jhunjhunwala