Market Update: Rate-sensitive bank, realty shares gain after RBI announcements

Published : Mar 27, 2020, 9:20 AM IST

Updated : Mar 27, 2020, 12:20 PM IST

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12:17 March 27

Rate-sensitive bank, realty shares gain after RBI announcements

Interest-rate sensitive bank, realty and auto shares gained up to 12.40 per cent after the Reserve Bank of India cut benchmark interest rate by 75 basis points to deal with the hardship caused due to the outbreak of COVID-19.

Shares of Axis Bank were trading higher by 12.40 per cent, IndusInd Bank 6.25 per cent, State Bank of India 5.19 per cent, Federal Bank 4.55 per cent, ICICI Bank 2.61 per cent, RBL Bank 2 per cent, Kotak Mahindra Bank 1.47 per cent and HDFC Bank 0.21 per cent.

Led by rise in these companies, the BSE Bankex rose by 4.12 per cent.

Among realty companies, Sunteck Realty jumped 9.49 per cent, Prestige Estates Projects 6.09 per cent, Prestige Estates Projects 5.24 per cent, Indiabulls Real Estate 4.89 per cent, Sobha 3.14 per cent, DLF 2.86 per cent, Godrej Properties 0.52 per cent and Omaxe 0.16 per cent.

The realty index was quoting higher by 1.75 per cent.

The auto pack was, however, trading mixed during morning trade. Shares of Ashok Leyland were higher by 6.84 per cent and Tata Motors 1.55 per cent, while Hero MotoCorp was trading lower by 4.67 per cent, Bajaj Auto 3.63 per cent, Apollo Tyres 2.73 per cent and Maruti Suzuki India 2.24 per cent.

11:57 March 27

Sensex slumps over 1,700 pts from day's high; Nifty give up 9K mark

Equity benchmark Sensex plunged over 1,700 points from the day's high on Friday after RBI Governor Shaktikanta Das said the projected annual GDP growth was at risk due to the COVID-19 outbreak as he unveiled a slew of measures to support the economy during the crisis.

The Reserve Bank of India (RBI) announced its steepest interest rate cuts in more than 11 years, slashing the repo to 4.4 per cent - the lowest in at least 15 years.

After opening significantly higher, the 30-share BSE barometer gave up all gains to trade 407.58 points or 1.36 per cent lower at 29,539.19 at 1130 hours. It hit a high of 31,126.03 and a low of 29,360.69.

Similarly, the NSE Nifty gave up the 9,000 level and tumbled 71.55 points, or 0.83 per cent, to 8,569.90.

Bharti Airtel was the biggest loser in the Sensex pack, tanking up to 6 per cent, followed by HCL Tech, Hero MotoCorp, Maruti, Asian Paints and Bajaj Auto.

On the other hand, Axis Bank SBI, IndusInd Bank, NTPC, ICICI Bank and PowerGrid were among the top gainers.

11:56 March 27

Rupee rallies 81 paise to 74.35 against USD after RBI announced measures to support economy

The Indian rupee appreciated by 81 paise to 74.35 against the US dollar in intra-day trade on Friday, after the Reserve Bank announced various measures including a 75 basis point cut in repo rate to support the economy amid the coronavirus-induced crisis.

The Reserve Bank of India (RBI) on Friday cut benchmark interest rate by 75 basis points to 4.4 per cent. The central bank also reduced the cash reserve ratio (CRR) of all banks by 100 basis points to 3 per cent with effect from March 28 for 1 year.

RBI Governor Shaktikanta Das said all instruments - conventional and unconventional - are on table to support financial stability and revive growth and noted that Rs 3.74 lakh crore liquidity will be injected into system through various measures announced on Friday.

09:11 March 27

Mumbai: Equity benchmark Sensex surged over 1,100 points in opening session on Friday led by gains in banking stocks ahead of Reserve Bank Governor Shaktikanta Das' address.

Positive cues from the global markets too enthused investor sentiment here.

The 30-share BSE barometer was trading 1,140.10 points or 3.81 per cent higher at 31,086.87.

Similarly, the NSE Nifty zoomed 367.10 points, or 4.25 per cent, to 9,008.55.

Top gainers and losers

IndusInd Bank was the top gainer in the Sensex pack, rallying up to 20 per cent, followed by Axis Bank, SBI, Bajaj Finance, ICICI Bank, HDFC Bank and M&M. On the other hand, Bharti Airtel, HCL Tech, TCS and Bajaj Auto were the top losers.

In the previous session, equity benchmarks surged for the third straight session, logging their best three-day gains in years, after the government's much awaited stimulus measures for coronavirus lockdown-hit segments lifted sentiments.

The BSE gauge surged 1,410.99 points or 4.94 per cent to settle at 29,946.77; while the Nifty shot up 323.60 points or 3.89 per cent to 8,641.45.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 484.78 crore on Thursday, according to provisional exchange data.

According to traders, after Finance Minister Nirmala Sitharaman's Rs 1.70 lakh crore economic stimulus to ease the economic blow of the Covid-19 pandemic, investors are eyeing more sops from Reserve Bank of India (RBI) Governor, who is scheduled to address media at 1000 hours.

Domestic markets have been driven by optimism on USD 2 trillion package to US economy and also in anticipation of an economic package by the RBI for the Indian economy.

Finance Minister's package did not address to the needs of the corporate sector, analysts said, adding that this would, perhaps, be followed by monetary stimulus by RBI along with forbearance on loan repayments.

Global Market

On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note.

Stocks on Wall Street ended with firm gains in overnight trade.

Rupee vs Dollar

Meanwhile, the Indian rupee appreciated 51 paise to 74.65 against the US dollar in morning trade.

Brent crude futures, the global oil benchmark, rose 0.87 per cent to USD 26.57 per barrel.

(PTI Report)

12:17 March 27

Rate-sensitive bank, realty shares gain after RBI announcements

Led by rise in these companies, the BSE Bankex rose by 4.12 per cent.

The realty index was quoting higher by 1.75 per cent.

11:57 March 27

Sensex slumps over 1,700 pts from day's high; Nifty give up 9K mark

The Reserve Bank of India (RBI) announced its steepest interest rate cuts in more than 11 years, slashing the repo to 4.4 per cent - the lowest in at least 15 years.

Similarly, the NSE Nifty gave up the 9,000 level and tumbled 71.55 points, or 0.83 per cent, to 8,569.90.

Bharti Airtel was the biggest loser in the Sensex pack, tanking up to 6 per cent, followed by HCL Tech, Hero MotoCorp, Maruti, Asian Paints and Bajaj Auto.

On the other hand, Axis Bank SBI, IndusInd Bank, NTPC, ICICI Bank and PowerGrid were among the top gainers.

11:56 March 27

Rupee rallies 81 paise to 74.35 against USD after RBI announced measures to support economy

09:11 March 27

Mumbai: Equity benchmark Sensex surged over 1,100 points in opening session on Friday led by gains in banking stocks ahead of Reserve Bank Governor Shaktikanta Das' address.

Positive cues from the global markets too enthused investor sentiment here.

The 30-share BSE barometer was trading 1,140.10 points or 3.81 per cent higher at 31,086.87.

Similarly, the NSE Nifty zoomed 367.10 points, or 4.25 per cent, to 9,008.55.

Top gainers and losers

The BSE gauge surged 1,410.99 points or 4.94 per cent to settle at 29,946.77; while the Nifty shot up 323.60 points or 3.89 per cent to 8,641.45.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 484.78 crore on Thursday, according to provisional exchange data.

Domestic markets have been driven by optimism on USD 2 trillion package to US economy and also in anticipation of an economic package by the RBI for the Indian economy.

Global Market

On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note.

Stocks on Wall Street ended with firm gains in overnight trade.

Rupee vs Dollar

Meanwhile, the Indian rupee appreciated 51 paise to 74.65 against the US dollar in morning trade.

Brent crude futures, the global oil benchmark, rose 0.87 per cent to USD 26.57 per barrel.

(PTI Report)

Last Updated : Mar 27, 2020, 12:20 PM IST

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