Tuesday, August 4, 2020
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RBI policy action no surprise for markets, indices slide




 Stock indices today appeared unmoved by the RBI's quantum of policy rate cut as both the Sensex and the Nifty got off their peaks to end lower after two straight record-setting sessions.

     The decision to lower the benchmark rate by 25 bps to 6 per cent was already factored in, traders said. They added that no change in cash reserve ratio (CRR) left the markets cold too.

          This is the first rate cut since October 2016 and the key lending rate is now at a 6-year low.

     The 30-share flagship index, which sprinted to an all- time high earlier, caved in post RBI policy announcement, before ending down 98.43 points, or 0.30 per cent, at 32,476.74.

          The 50-share Nifty scaled a fresh new peak at the outset. However, it tripped and settled down 33.15 points, or 0.33 per cent, at 10,081.50.

     Sectoral performance was mixed though.

In line with the trend, mid-cap and small-cap indices hit a soft patch.

     Foreign portfolio investors (FPIs) net offloaded shares worth Rs 945.83 crore while DIIs net bought Rs 1,390.65 crore yesterday, as per provisional data.






Editorial

Précis 2017
From asking his party men to ‘live a simple life and serve the people’ to taunting the BJP for its ‘crocodile tears’, Chief Minister and BJD supremo Naveen Patnaik has not only become politically invincible, he seems to be so in the coming years too.

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