Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian stock markets ended in the red today after the Reserve Bank of India decided to extend the moratorium on term loans by another three months to provide relief to the retail borrowers in the country. The decision was seen as negative for India’s financial sector, creating concerns among investors. Other decisions by the RBI included 40 basis points cut in repo rate to 4 percent.
While the S&P BSE Sensex closed the day 260 points, or 0.84 percent, lower at 30,672.59, the Nifty-50 index finished today’s trading session with a loss of 67 points, or 0.74 percent, at 9,039.25. Today’s drag on the market ended last three sessions’ winning streak on DalalStreet.
In today’s trade, 18 of 30 Sensex stocks ended in the red.In the broader market, the S&P BSE MidCap index fell 0.83 percent to 11,270whereas the S&P BSE SmallCap index was down by 0.23 percent to close at 10,524.23.
Under pressure from the RBI’s decision, NIFTY Bank shed 456 points today or 2,57 percent of its value to close at 17,278.90, whereas, BSE Midcap was down by 0.83 percent.
Top Losers of the day included Axis Bank (5.32%), HDFC (5.03%), and Bajaj Fin (4.50%), whereas Top Gainers of the day were M&M (4.30%), Infosys (2.98%), and Asian Paints (2.60%)
Among Banking stocks, SBI Cards hit a new low of Rs 495 after RBI’s press conference that announced the extension of moratorium on loans by three months. The stock ended at Rs. 510, down 6 percent.
Oil to telecom conglomerate, Reliance Industries Ltd, today ended over 0.5 per centlower at Rs. 1,431.60 compared to its closing value in the previous trading session despite the announcement of Rs 11,367 crore in Jio Platforms by the global investment firm KKR.The company has attracted a slew of investors in its telecom business over the last one month announcing several tranche of stake sales to global companies, including Facebook Inc.
World stock markets came under pressure today after China’s decision to impose a new security law on Hong Kong that can lead to escalation of tensions between the US and the Asian nation. Hong Kong’s Hang Seng index was down more than 5 percent, touching a 7-week low while Japan’s Nikkei slipped 0.8 per cent in today’s trade.
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