Sensex, Nifty Fall as Asian Peers Sulk Over BOJ Letdown; ICICI Falls 3.1% Ahead of Results
Here’s a quick wrap up of all that you might have missed in the markets today.
Indian stocks fell, paring a monthly advance, as a combination of below par first quarter earnings and weak Asian markets after the Bank of Japan’s policy decision, weighed on investor sentiment.
The S&P BSE Sensex loses 0.5 percent to 28,051; while the NSE Nifty declines 0.3 percent to 8,638, but advance 4.9 percent for the month, best since March.
The midcaps fare slightly better than their larger peers, with the BSE Midcap index closing 0.7 percent higher. The BSE Auto Index is the top performer among the 19 sectoral gauges on the exchange.
The market breadth is skewed in favour of the declines at 1,446, compared to advances at 1,235.
Dr Lal PathLabs Snaps 7-Day Losing Streak on Q1 Profit
Shares of the diagnostic chain operator jump as much as 4.9 percent to Rs 1,009, snapping a seven day losing streak, after it posts a 29 percent increase in first quarter net profit at Rs 37.55 crore.
Its group net sales came in at Rs 223 crore for the June quarter, compared to Rs 189 crore same period last year.
RBI to Keep Rates Unchanged in Aug 9 Policy, Says ICRA
RBI is unlikely to cut policy rates in its upcoming monetary policy review on August 9, but a 0.25 per cent cut is on cards in 2016, Aditi Nayar, Senior Economist, ICRA said in a research note.
The higher the tolerance for inflation at the retail level, the higher the interest rates that savers would demand to remain invested in financial savings, which would ultimately impair the appetite for borrowingAditi Nayar, senior economist at ICRA writes.
Interestingly, Nayar said with economic growth expected to pick up sharper rate cuts may not be needed.
With inputs from PTI