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Jun 06, 2019 03:41 PM IST | Source: Moneycontrol.com

Closing bell: Indices see biggest one-day fall in 2019, banks drag Sensex 554 pts after a rate cut

All sectoral indices closed in the red with PSU Bank being the biggest loser with 5 percent loss after a rate cut.

  • June 06, 2019 03:40 PM IST

    Market Closing

    Benchmark indices fell sharply and saw biggest one-day fall this year, dragged by banks after the RBI expectedly cut repo rate by 25 bps and changed policy stance to accommodative from neutral.

    The BSE Sensex plunged 553.82 points or 1.38 percent to 39,529.72 and the Nifty50 slipped 177.90 points or 1.48 percent to 11,843.80.

    GAIL was prominent loser among Nifty50, falling 12 percent followed by Indiabulls Housing, IndusInd Bank, Yes Bank and SBI which lost 4-8 percent.

    Coal India, Titan Company, Hero Motocorp, Power Grid Corp and HUL bucked the trend, rising 1-2 percent.

  • June 06, 2019 03:27 PM IST

    Just In

    Marksans Pharma said it received Establishment Inspection Report (EIR) from the US FDA in respect of inspection of the company's Goa facility carried out from 25th February to 6th March 2019. 

  • June 06, 2019 03:20 PM IST

    Sensex and Nifty are heading for a biggest one-day fall in 2019.

  • June 06, 2019 03:19 PM IST

    Govt Considering Rolling Out 2nd Phase Of Fertiliser DBT

    The government is seriously thinking of giving fertiliser subsidy directly to farmers under the second phase of implementation of direct benefit transfer (DBT) scheme, a senior fertiliser ministry official said Thursday.   In October 2017, the first phase of fertiliser DBT was rolled out, under which subsidy is being transferred to companies after checking retail sales data captured through the Point of Sale (PoS) machines.  Source: PTI

  • June 06, 2019 03:12 PM IST

    VA Tech WABAG in Action

    City-based water treatment player VA Tech WABAG has signed a Rs 575-crore concession agreement under the Namami Gange programme which integrates the efforts to clean and protect the Ganga River in a comprehensive manner.

    A concession agreement typically refers to a contract between a company and a government that gives the company the right to operate a specific business within the government's jurisdiction, subject to certain terms. Source: PTI

  • June 06, 2019 03:11 PM IST

    The rate cut by RBI is on expected lines, IDFC Securities said, adding now the focus is shifting to transmission & boosting demand.

    "The rate is fairly accommodative for an expected 7 percent real GDP growth. We think RBI will rely on liquidity measures for transmission and further rate cuts will be a function of negative growth surprises," it said.

  • June 06, 2019 03:10 PM IST

    Market Update:

    Benchmark indices continued to trade sharply lower with the Sensex falling 565.33 points or 1.41 percent to 39,518.21.

    The Nifty50 plunged 179.40 points or 1.49 percent to 11,842.30. About three shares declined for every share rising on the BSE.

  • June 06, 2019 03:08 PM IST

    All sectoral indices traded in the red with PSU Bank being the biggest loser with 5 percent loss after a rate cut.

  • June 06, 2019 03:06 PM IST

    Amar Ambani, President & Research Head at YES Securities on Monetary Policy

    "In a fairly dovish policy, the RBI, as we anticipated, not only reduced the repo rate by 25 basis points, but also changed its policy stance to accommodative, from neutral. More importantly, the RBI has addressed the liquidity crisis in the system with open market operations, turning LAF into surplus in early days of June 2019. It has assured of liquidity support as and when needed. We have factored in another 25-basis point Repo cut in the year 2019 itself."

  • June 06, 2019 03:06 PM IST

    IDFC Securities told CNBC-TV18 that the market is concerned with the DHFL credit exposure w.r.t. IndusInd Bank and DHFL contagion fear is valid. "NBFCs with large exposure to developer financing look vulnerable now."