Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English

EXIT Poll Results

Detailed Exit Poll Results
News18 » Business
1-min read

Day After RBI Announced Repo Rate Cut, Sensex, Nifty Edges Lower Amid Weakness in Pharma Shares

The benchmark BSE Sensex was down 0.44% at 39,362.51 while the broader NSE Nifty was 0.43% lower at 11,792.20.

Reuters

Updated:June 7, 2019, 11:37 AM IST
facebookTwitterskypewhatsapp
Day After RBI Announced Repo Rate Cut, Sensex, Nifty Edges Lower Amid Weakness in Pharma Shares
Representative image (Reuters)

Shares edged lower on Friday, amid weakness in pharma shares, a day after the Reserve Bank of India (RBI) cut its benchmark interest rate by 25 basis points.

The benchmark BSE Sensex was down 0.44% at 39,362.51 while the broader NSE Nifty was 0.43% lower at 11,792.20 at 0412 GMT

Both NSE and BSE were poised to end the week lower after three consecutive weeks of gains.

The central bank on Thursday changed its policy stance to "accommodative," from "neutral" after the latest data showed that the economy grew at its slowest in over four years.

"The expectation was how the RBI will tackle NBFC space; they have not spelt out any preventive measures. So, we are seeing a sell-off," said Deven Choksey, founder, KR Choksey Investment Managers. "Markets will remain rangebound until the budget and we may see a correction around then."

The government is expected to launch a fresh wave of economic reforms to unlock growth in the budget due next month. The steps are anticipated after the unemployment rate rose to a multi-year-high of 6.1% in the 2017/18 fiscal year.

The Nifty Pharma index inched over 2% lower and was headed for its third straight session of decline.

The Nifty public sector bank index retreated from losses seen in the previous session, but was down 0.13%, while the private bank index edged 0.6% lower.

Shares of Dewan Housing Finance Ltd fell as much as 6.8% to 87.55 rupees, their lowest in over five years, following a slew of credit rating downgrades earlier this week.

Wipro Ltd was trading 0.67% higher at 293.5 rupees. Late on Thursday, the IT services firm said founder Azim Premji would retire as executive chairman and managing director (MD) and named Chief Executive Officer Abidali Z Neemuchwala as its new MD.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results