Sensex, Nifty Post Third Straight Weekly Loss
A photograph taken outside the NSE Building in Mumbai. (Source: BloombergQuint)

Sensex, Nifty Post Third Straight Weekly Loss

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Monetary Policy Committee Cuts Repo Rate

  • RBI Governor says that an off-cycle meeting of the Monetary Policy Committee was conducted
  • The Monetary Policy Committee has voted for a repo rate reduction of 40 basis points
  • Monetary Policy Committee votes 5:1 in favour of a rate cut
  • Repo rate now stands at 4 percent from 4.4 percent earlier
  • GDP growth in 2021 is likely to remain in negative territory, Governor says

RBI Governor Says:

  • To extend life of credit of Rs 15,000 crore to EXIM Bank for 90 days
  • To extend time period for outward remittances for normal imports to 12 months from 6 months
  • Group exposure limit of banks to be increased to 30 percent from 25 percent of eligible capital base till June 30, 2021
  • The provision for moratorium on term loan repayments are being extended by another three months

Markets This Week

  • Benchmark indices post their third straight weekly loss
  • Nifty ends 1.1 percent lower at 9,039
  • Sensex ends 1.4 percent lower at 30,672
  • Nifty Bank ends 8.3 percent lower at 17,278 - all constituents post weekly loss
  • Nifty Midcap index ends 2.5 percent lower
  • Nifty Smallcap index ends 2.2 percent lower
  • India Volatility Index ends 14.4 percent lower at 32.2
  • ITC ends as the top Nifty gainer this week; up 13.2 percent
  • IndusInd Bank ends as the top Nifty laggard this week; down 19.2 percent

Dragging The Nifty Lower

Closing Bell: Rally Takes A Breather

Indian equity markets snapped a three-day gaining streak to end lower, due to weak cues from other global markets and rising Covid-19 cases in the country.

European markets continue to trade lower while futures on the Dow Jones are down 120 points.

The S&P BSE Sensex ended today's session down 0.84 percent at 30,672, while the Nifty 50 index managed to hold on to the 9,000 mark, ending 0.74 percent lower at 9,039.

Among sectoral indices, the Nifty Bank underperformed, ending over 2 percent lower, while the Nifty I.T. and Nifty Media index held on to gains of over 1 percent.

Market breadth remained adverse with 685 stocks on the NSE ending with gains while 1,040 posted losses

For the week, the Sensex ended 1.3 percent lower while the Nifty shed 1.1 percent. Financials were the biggest laggards this week. 7 out of the top 10 Nifty laggards this week were financial names.

Trading Ideas From Pritesh Mehta Of Yes Securities

  • Buy M&M above Rs 420 for target of Rs 460 and stop loss of Rs 405
  • Buy Lupin above Rs 890 for target of Rs 950 and stop loss of Rs 860

Stock Update: Coromandel International

  • Trades at an all-time high
  • Gains as much as 7 percent to Rs 658.1
  • Up for the third straight day
  • Gains 7.5 percent in the last three days
  • Today's volumes are 2.4 times higher than its 30-day average
  • Has nearly doubled from its 52-week low of Rs 336.5 on August 16, 2019
  • 12 out of the 15 analysts tracking the stock have a buy recommendation; 0 sell calls
  • Return potential of the stock as per Bloomberg data is 2 percent
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