Benchmark indices were trading lower, dragged down by financials, in afternoon trade on Thursday even though the monetary policy committee (MPC) of the (RBI) reduced the repo rate by 25 basis points (bps) to 5.75 per cent in the second bi-monthly monetary policy meet of the financial year 2019-20 (FY20), that concluded today.
It was a third straight cut by the READ THE FULL ARTICLE HERE
In the afternoon trade, the benchmark S&P BSE slipped 600 points, or 1.50 per cent, to 39,484, with IndusInd Bank, YES Bank, Vedanta, Larsen & Toubro, and State Bank of India were among the top losers. The broader Nifty50 index dipped 190 points, or 1.53 per cent, to 11,830 levels.
Among sectoral indices, only FMCG was trading in the green. The PSU Bank index was the biggest loser, down 2.5 per cent. Nifty Private Bank, Nifty Pharma, Nifty Media, Nifty Fin service, and Nifty Bank were all down over 1 per cent.
In the broader market, the S&P BSE MidCap index tumbled 145 points, or 0.9 per cent, to 15,055, while the S&P BSE SmallCap index was hovering around 14,777, down 132 points, or 0.9 per cent.
Shares of Dewan Housing Finance Corporation (DHFL) tanked 15 per cent to Rs 95, hitting an over five-year low on the BSE in early morning trade after rating agencies downgraded its commercial papers (CP), citing delays in debt servicing. The stock was trading at its lowest level since December 23, 2013 on the BSE. READ MORE
Shares of Eros International Media were hammered by heavy selling during the early morning deals on Thursday after ratings company CARE cut its long-term loan facilities ratings from ‘BBB-‘ to ‘D’. The stock was locked in the lower circuit of 20 per cent at Rs 53.10 per share on the BSE, which was also its lifetime low. READ MORE
Shares of GAIL (India) hit an over three-month low of Rs 323, down 10 per cent, in intra-day trade on the BSE on the back of heavy volumes. The stock was quoting at its lowest level since February 26, 2019. READ MORE