Was Adani able to clinch this loan merely as a result of his proximity to Prime Minister Narendra Modi?
BSE Mid-cap index ended at a record closing high of 10499.86 and CNX Mid-cap index ended at a record closing high of 12672.85 levels.
Exports had risen over 11 per cent in July, year-on-year.
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%.
Sensex hit a record high of 27,225.85 and Nifty hit a record high of 8,141.90 in the intra-day trades today.
The 30-share Sensex ended higher by 46 points at 26,360 and the 50-share Nifty gained 16 points at 7,891.
Offloading shares in ONGC, CIL, NHPC may fetch govt more than the year's target.
Custodian banks are selling dollars for their foreign fund clients.
Auto and realty shares were among the top Sensex gainers.
Prime Minister Narendra Modi, in his second 'Mann ki Baat' radio address to the nation on Sunday, said as far as the issue of black money was concerned, he would work to ensure that every single penny was returned back to the country.
Sensex ended at 26,272 up 125 points and Nifty ended at 7,831 up by 35 points.
That is bad news for officials taking part in discussions at the International Monetary Fund and World Bank meetings this week.
National Demorcatic Alliance ministry's list of assets is fairly wide -- from land and property to vehicles and, for quite a few, guns. Nivedita Mookerji reports
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Honest tax payers need not worry about the new black money law, says finance minister Arun Jaitley.
The 30-share Sensex ended down 414 points at 25,481 and the 50-share Nifty slipped 119 points at 7,603.
Sudha Menon, author of the recently released Devi, Diva Or She-Devil: The Smart Career Woman's Survival Guide, tells women how to get their due at work.
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
RBI's surprise rate cut has revived sentiments of India Inc.
A financial turnaround with the Etihad partnership and debt restructuring has not fully materialised.
Launching a scathing attack on Prime Minister Narendra Modi, Opposition parties on Wednesday alleged that selective leak of information on demonetisation of 500 and 1000 rupee notes to 'friends of BJP' and demanded making public the names of those who had bought gold and foreign exchange of over Rs 1 crore since April.
A unique start-up in India is helping the differently abled find their match.
Cashi Crisis: Day 9: Aaj ki Taaza Khabar!
'Kejriwal has taken a leaf out of Modi's campaign of 2014 and improved upon it.' 'That suit will haunt Modi till he exits politics.' 'Of all the factors that favoured Kejriwal, the biggest was the arrogance and over-confidence of the Modi-Shah led BJP.' 'What the Congress could not do in the last two decades in Gujarat, Kejriwal did it in no time in Delhi.' 'The BJP has behaved exactly like the Congress in decoding Kejriwal's politics.'
Telecom companies that bought spectrum in the 2G auction of November last year would lose around Rs 4,000 crore
Over Dosas in Mumbai, Oscar winner Megan Mylan tells Vaihayasi Pande Daniel why she chose India and girls empowerment as the subject of her new documentary.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances