Sunrisers Hyderabad surprised quite a few by opting to release the fast bowling duo of Ishant Sharma and Dale Steyn, while they also let go of England discard Kevin Pietersen.
Shares of ING Vysya Bank and Kotak Mahindra Bank rallied by up to 6% on the BSE on reports that Kotak Mahindra Bank in final stages to buy the bank.
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Shedding its gains from Monday, NIkkei has declined around 0.7% while Hang Seng and Shanghai Composite were trading marginally lower.
Benchmark indices failed to sustain gains and retreated from day's high dragged primarily by the losses in metals, information technology and bank shares as investors started to book profits in late noon deals. Earlier, markets had scaled fresh all-time highs on the surprise post-budget rate cut by Reserve Bank of India (RBI). The 30-share Sensex ended down 213 points at 29,380 and the 50-share Nifty closed down 74 points at 8,922. Intra-day, Sensex reached the all-time high mark of 30,024.74 while Nifty touched the life-time high level of 9,119.20. In the broader market, both the BSE Midcap index and Smallcap indices, down 1% and 1.2% each underperformed the front-liners. Market breadth in BSE ended negative with 1,882 declines against 1,010 advances. A day after signing an agreement with Finance Ministry on inflation targeting, RBI surprised the markets with an early post-budget repo rate cut of 25 bps (basis points) to 7.5% from 7.75% which was again outside of central bank's scheduled policy review meetings as the earlier rate cut effected on January 15. "RBI's latest rate cut of 25 basis points, while a surprise in its timing is in-line with our expectations of a sharp rate-cutting cycle over the coming quarters. With inflation sustainably lower by 500bps, the RBI has in recent months acknowledged the scope for rate cuts and was only waiting for additional comfort that the government's fiscal policy would not play spoil-sport," said Dinesh Thakkar, chairman and managing director at Angel Broking in a note. Analysts at Karvy believe that further monetary policy action will depend on number of factors including easing of supply constraints, improved availability of power, land, minerals and infrastructure, fiscal consolidation, the pass through of rate cuts by banks and the expected monsoon. Citing weakness in some sectors of the economy and the overall global trend towards monetary easing as rationale for the rate cut the central bank also exuded confidence in the road map for fiscal consolidation as laid out in the Union Budget, 2015. Commenting on how the markets reacted to RBI's surprise move, K Subramanyam assistant vice-president (institutional research), Asit C. Mehta Securities said, "The unexpected cut did take the market by surprise .However, credit off-take is not dependant only on interest rates. A gradual revival in the economy would be of more help which would trigger credit off-take. Hopefully this will follow and RBI's action would prove helpful. From market point of view this is bullish as equity becomes more attractive vis-a-vis falling interest rates." On the macro-economic front, the HSBC services PMI rose to an eight-month high of 53.9 in February up from 52.4 in January indicating strong expansion in output across the sector. Respondents cited robust growth of new business as the principle factor for the increase in activity. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 773 crore on Tuesday, as per provisional data. Buzzing Stocks 9 out of the 12 sectoral indices of BSE ended in red. BSE Metal index, down 2.4% was the top loser followed by BSE Oil & Gas and Power indices, down 1.3% each. BSE Healthcare index, up 1.2% and BSE FMCG index, up 0.9% were the top losers. Bank stocks came under during late noon trades as traders booked profits at higher levels. However, RBI rate cut may encourage large lenders to cut their lending rates boosting demand for home and auto loans and provide funds for various stalled and new projects. Many stalled projects across the country are waiting for cash to restart work. The stock of stalled projects at the end of December 2014 stood at Rs 8.8 lakh crore or 7% of GDP. ICICI Bank ended down 0.1%, Axis Bank and SBI declined over 3% and HDFC Bank shed 1.5%. Sun Pharma gained over 6% on approval granted to Sun Pharma Advanced Research Company (SPARC) by US FDA for an antiepileptic drug. The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India. SPARC was formed in 2007 when Sun Pharma separated out its active projects in drug discovery and innovation into a new company. Dr Reddys Lab and Cipla have gained over 1% each. ITC gained over 1% after consecutive sessions of losses on the proposed larger-than-expected hike in excise duty on cigarettes in the Union Budget. The biggest ever auction of spectrum by the Department of Telecommunications (DoT) started on Wednesday in the morning where government expects to garner Rs 80,000-1lakh crore from the sale of spectrum. Idea Cellular gained over 2%, Reliance Communication gained around 1% and Bharti Airtel closed 0.5% higher. Metal stocks were under pressure in today's session. Hindalco declined over 3%, Sesa Sterliteended down over 4% and Tata Steel closed down 2%. Profit-taking in IT stocks led to Wipro losing around 1.8%, Infosys declining 0.7% and TCS losing 1.5%.
Engineering major BHEL rebounded from its day's lows to end around 1% higher.
Weak GDP data and unfaouvrable global data has pulled down Sensex, Nifty.
These 12 photographs show what a mad, mad world we live in!
The 30-share Sensex dropped 298 points to end at 27,209 and the 50-share Nifty has lost 93 points to end at 8,174.
A round-up of all the Ranji Trophy matches played on Monday.
The index had risen over 585 points in the previous three sessions.
'The one thing that a cricketer aspires for is earning the respect of the dressing room and that respect is earned only when any player puts his hand up in adverse conditions and does his job for the team.'
The 30-share Sensex ended higher by 30 points.
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
Sensex ends 134.91 pts down at 28,709.87; Nifty falls 44.70 pts at 8,712.05.
Kotak Mahindra Bank and Vedanta were the top Nifty gainers.
Sebi might come out with a regulatory framework for issuance of 'green' bonds
From a shy bride to a passionate campaigner, the story of Diana, 'the People's Princess', was more often than not told through photographs.
Meheka Mirpuri is using fashion to help cancer patients.
Ministers in the Narendra Modi government have been busy making presentations on their 100 days of work. But what these presentations do not mention is that decisions by ministers have been few, with plenty of papers and files moving to the Prime Minister's Office, which is increasingly emerging as a centralised clearance point, even for routine and ordinary issues. Though policy paralysis was a term used freely for the United Progressive Alliance regime, questions are now being raised about pending decisions across ministries and whether at least some ministers have turned redundant.
A brief report card on Modi's ministers.
'It has been a quick evolution.' 'That is because he saw the big names playing in the IPL and he played alongside them; that transformed him as a batsman.' 'I would say now he is perfect.'
The 20-year-old, who had a dream debut in the Indian Premier League, tells Rediff.com's Harish Kotian how a successful show in the Ranji Trophy helped boost his confidence in the IPL.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
A glance back at some of the important ups and down Indian Inc faced in 2018.
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The catalyst is the run on emerging market equities, but many investors are just tired of waiting for India to get its act together.
'There is a communication gap between the Modi government and the allies. During the last one year, the NDA has met only once and that was two hours before the land bill was introduced in the Lok Sabha.' 'When Vajpayee was prime minister if any NDA chief minister asked for time , he was given it the next day. Modi is not doing it.' 'If there is tension on the streets, if there is insecurity amongst the minorities, then Make in India will remain a pipe dream.'
'India is no longer the India of the '70s and the '80s.' 'It's a large country with the fastest growing economy.' 'In working with India, you just can't go and humiliate the nation publicly.' USIBC President Mukesh Aghi tells Aziz Haniffa/Rediff.com about how he advises American companies to do business with India, what he thinks of Modi's government and the way forward for the India-US relationship.
India'sstartups have a good beginning but will they survive competition is a big questions which needs immediate attention.
