RIL sails in a sulking market
The Mukesh Ambani-led firm gains 9.72% a day after its AGM, while the benchmark Sensex plunges nearly 700 points
The 35 basis point repo rate cut is not the first unconventional rate action from the central bank as two repo rate actions in March 2003 saw a 40 and 10 basis points reduction in a matter of 13 days.
While broader indices Sensex and Nifty 50 fell over 701 and 214 points respectively in intraday trade, S&P BSE MidCap and SmallCap fell 2.15% and 2.59% to record new 52-week lows.
In 44 trading days, benchmark indices Sensex and Nifty fell 7.82% and 9.03%, respectively, while the midcap and smallcap indices hit 52-week lows on August 2.
Indices see biggest single-day fall in four years in first full trading day after the Union Budget was unveiled. The BSE Sensex closed 907 points lower, while NSE’s Nifty50 slipped 207 points.
BSE Sensex slips over 450 points on lack of consumption push.
The Sensex closes up 66.40 points at 39,112.74, while Nifty 50 ends nearly flat at 11691.45, after volatile trading session.
Assets under management of the mutual funds industry jumped to ₹25.94 lakh crore last month.
Foreign portfolio investors have pumped ₹76,052 crore in equity between January and May 2019, making it the second best period in 10 years. On June 3, the Sensex closed above 40,000 in a record high.
Sensex, Nifty hover near lifetime highs after the inauguration of the new Cabinet, but close lower after realising that the new government has old challenges to tide over.