Indian Stock Market today, ahead of RBI monetary Policy
Indian Stock market opened in red today after getting a negative signal from the SGX Nifty in the morning.It closed in negative just a day ahead of RBI monetary policy.
Indian stock market today
At close, Nifty down 46.80 points and closed at 11,313.10 whereas Sensex was down 198.54 points and closed at 38106.87.Bank Nifty made Intraday movement of 528.30 points. It has touched an intraday high of 28769.10 and low of 28240.80 and closed at 28414.10.
The top gaining sectors in Nifty are Media, Oil & Gas, Energy, Auto, and Real Estate. The top losing sectors in Nifty are Banks ( except PSU),Metal, Footwear, Chemical.
The top five gainers in Nifty50 stocks are Yes Bank, Zee Ent, BPCL,Tata Motors and Eicher Motors. Today, Yes Bank gained 32.81% after Tuesday’s 30% Intraday fall. The top 5 losers in Nifty50 stocks are Vedanta, Coal India, Hindalco, Tata Steel, and IndusInd Bank.
Nifty midcap 100 index closed today almost flat fell only 10 points and Nifty smallcap 100 index declined 11.85 in the end.The top gainers in Nifty midcap space are Dish TV (+8.90), MRPL(+6.31) and the top loser are Edelweiss (-9.76) and Godrej Ind (-6.14%). The top gainers in Nifty smallcap are India Tourism (+9.99%) and ITI (+5.80) and the losers are Delta Corp (-6.41%) and Indiabulls Real Estate (-4.93%)
Stocks in news today
Morgan Stanley has downgraded the future company from overweight to equal-weight with a target price of Rs28 from Rs 82 earlier target. The share price of Future Consumer declined 1.36% and closed at Rs 25.35 per share.
TVS Motors has reported a 26% drop in sales numbers in September 2019. The share price of TVS Motor has declined 3.41% and closed at Rs 405.30 per share.
The Group president and CFO of Yes Bank Rajat Monga has resigned from his post. The share price of Yes Bank has gained 32.81% and the share price closed at Rs 42.50 per share.
The share price of Coal India slips 3.79% after the report of flooding at one of its mines. The mines used to produce 5% of Coal India’s overall output. The share price of Coal India closed at Rs 186.75 per share.
Wipro has done strategic tie-ups with ICICI Bank, the share price of Wipro has gained 1.01% and closed at Rs 235.85 per share
The lenders of Zee Ent. has extended the repayment deadline for another 6 months to repay the debts. The share price of Zee Ent. reacted positively and gained 7.89% and closed at Rs 251.55 per share today.
Aster DM Healthcare increased its stake in Sri Sainatha Multispeciality Hospital Pvt Ltd.The share price of Aster DM Healthcare gained 3.32% and closed at Rs 119.80 per share.
BPCL is in the news for Govt. stake sell nowadays. Citi, the global financial firm has also maintained a buy rating for BPCL. The share price of BPCL has gained 7.63% and closed at Rs 37.70 per share today.
One of the promoters of Indigo Rahul Bhatia has moved for arbitration proceedings. The share price of Indigo fell 2.35% and closed at Rs 1826.05 per share.
Other stock market news today
National Stock Exchange (NSE) to delist 9 companies from October 17. These companies are Lanco infratech, Moser-Baer, Amar Remedies,Supreme Tex Mart, Samtel Color, Hindustan Dorr-Oliver, Servalakshmi Paper, LML and Hanung Toys and Textiles According to NSE these companies are under liquidation.
Crude and Rupee movement
Brent crude oil future is trading at $57.64 per barrel, is currently trading flat after a fall of four consecutive days. Indian Rupee is trading at Rs 70.90 against the US dollar.
Conclusions:
Indian Stock market today ended in red ahead of RBI policy. Market has already discounted 25bps rate cut for tomorrow’s RBI Policy. The Commentary of the policy would be important, it will decide the direction of the market. Indian stock market will be volatile at the time of RBI policy, traders should remain cautious.
