Benchmark indices register tiny gains
Gains for metal, auto and telecom stocks offset losses for stocks of public sector banks and index heavyweight Infosys, with the two key benchmark indices registering small gains. The barometer index, the S&P BSE Sensex, rose 17.04 points or 0.07% to settle at 24,900.63. The Nifty 50 index rose 11.15 points or 0.15% to settle at 7,614.35. The Sensex failed to retain the psychologically important 25,000 level which it had crossed at the onset of trading session.
Metal and mining stocks edged higher after the outcome of a monthly survey showed acceleration in growth in China's services sector last month. Tata Steel surged on media reports that the British government has initiated talks with potential buyers for the company's UK operations. Tata Motors edged higher after the company announced the commercial launch of its new hatchback Tiago. Shares of diversified state-run firm Andrew Yule & Company (AYCL) surged after the Cabinet Committee on Economic Affairs (CCEA) cleared a proposed for conversion of the working capital term loan (WCTL) amounting to Rs 29.91 crore from Bank of Baroda (BoB) into equity.
In overseas stock markets, European stocks edged higher after the outcome of a monthly survey showed improvement in China's service sector growth last month.
China is the world's second biggest economy after the United States. Asian stocks witnessed a mixed trend. In mainland China, the Shanghai Composite ended near the flat line. In Hong Kong, the Hang Seng index ended 0.15% higher. The Caixin China services purchasing managers' index rose to 52.2 in March from 51.2 in February. China's official nonmanufacturing PMI, a competing gauge, also showed faster growth in March, according to data released last week. US stocks closed lower yesterday, 5 April 2016, on concerns about the upcoming corporate results and slowdown in global growth.
The Sensex rose 17.04 points or 0.07% to settle at 24,900.63, its highest closing level since 4 April 2016. The index rose 117.06 points or 0.47% at the day's high of 25,000.65. The index lost 49.53 points or 0.19% at the day's low of 24,834.16.
The Nifty 50 index rose 11.15 points or 0.15% to settle at 7,614.35, its highest closing level since 4 April 2016. The index rose 35.45 points or 0.46% at the day's high of 7,638.65. The index lost 11.45 points or 0.15% at the day's low of 7,591.75.
The market breadth indicating the overall health of the market was strong. On BSE, 1,658 shares rose and 889 shares fell. A total of 141 shares were unchanged. The BSE Mid-Cap index rose 0.6%. The BSE Small-Cap index rose 0.91%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2195 crore, lower than turnover of Rs 2853.41 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Basic Materials index (up 2.57%), the S&P BSE Metal index (up 2.33%), the S&P BSE Capital Goods index (up 1.11%), the S&P BSE Industrials index (up 1.02%), the S&P BSE Telecom index (up 0.96%), the S&P BSE Realty index (up 0.76%), the S&P BSE Oil & Gas index (up 0.62%), the S&P BSE Auto index (up 0.58%), the S&P BSE Power index (up 0.53%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.47%), the S&P BSE Energy index (up 0.46%), the S&P BSE Healthcare index (up 0.36%), the S&P BSE FMCG index (up 0.23%) and the S&P BSE Utilities index (up 0.20%), outperformed the Sensex. The S&P BSE Consumer Durables index (down 0.03%), the S&P BSE Finance index (down 0.15%), the S&P BSE Teck index (down 0.29%), the S&P BSE Bankex (down 0.44%) and the S&P BSE IT index (down 0.51%), underperformed the Sensex.
Stocks of public sector banks extended losses registered during the previous trading session. UCO Bank (down 2.58%), Corporation Bank (down 2.03%), Punjab National Bank (down 1.87%), Union Bank of India (down 1.62%), Bank of India (down 1.33%), Bank of Maharashtra (down 1.18%), Central Bank of India (down 1.13%), Canara Bank (down 1.02%), Allahabad Bank (down 1.01%), IDBI Bank (down 0.95%), Vijaya Bank (down 0.95%), Syndicate Bank (down 0.81%), Bank of Baroda (down 0.62%), Punjab and Sind Bank (down 0.43%), Indian Bank (down 0.34%) and State Bank of India (down 0.3%), edged lower. United Bank of India rose 1.27%
Stocks of private sector banks were mixed. City Union Bank (up 0.88%), Yes Bank (up 0.67%), HDFC Bank (up 0.59%), Federal Bank (up 0.57%) and IndusInd Bank (up 0.51%) edged higher. Kotak Mahindra Bank (down 0.21%), ICICI Bank (down 1.2%) and Axis Bank (down 1.71%) edged lower.
The Reserve Bank of India (RBI) announced a reduction of 25 basis points (bps) in its benchmark lending rate viz. the repo rate to 6.5% from 6.75% after a scheduled monetary policy review yesterday, 5 April 2016. The central bank also announced the fine-tuning of its liquidity management framework. While retaining the accommodative stance of the monetary policy, RBI Governor Raghuram Rajan indicated in his monetary policy statement that the RBI may cut the repo rate further in the coming months if macroeconomic and financial developments provide room for further rate cut.
Metal and mining stocks edged higher after the outcome of a monthly survey showed acceleration in growth in China's services sector last month. Hindalco Industries (up 4.77%), NMDC (up 3.89%), Jindal Steel & Power (up 3.16%), JSW Steel (up 2.82%), Vedanta (up 1.92%), Steel Authority of India (up 1.77%), Hindustan Copper (up 0.70%) and National Aluminium Company (up 0.26%), edged higher. Bhushan Steel fell 0.40%. China is the world's largest consumer of steel, copper and aluminum.
The Caixin China services purchasing managers' index rose to 52.2 in March from 51.2 in February. China's official nonmanufacturing PMI, a competing gauge, also showed faster growth in March, according to data released last week.
Copper prices edged lower in the global commodities markets. High Grade Copper for May 2016 delivery was currently down 0.23% at $2.133 per pound on the COMEX.
Tata Steel surged 5.24% at Rs 328.45 on media reports that the British government has initiated talks with potential buyers for the company's UK operations. Tata Steel had last week announced its intention to explore all options for portfolio restructuring including the potential divestment of its UK subsidiary Tata Steel UK, in whole or in parts due to the deteriorating financial performance of the UK subsidiary during the last twelve months.
Hindustan Zinc dropped 13.37% at Rs 162.05 on turning ex-dividend for special dividend of Rs 24 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 12.83% based on the stock's closing price of Rs 187.05 on the BSE yesterday, 5 April 2016. It may be recalled that the board of directors of the company at a meeting held on 30 March 2016, had declared a special golden jubilee dividend of Rs 24 per share for the financial year ended 31 March 2016.
Cement stocks were in demand. UltraTech Cement (up 2.92%), ACC (up 2.69%) and Ambuja Cements (up 1.19%), edged higher.
Grasim Industries rose 1.93%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Index heavyweight and IT major Infosys fell 1.44% at Rs 1,201.10. The stock hit a high of Rs 1,228 and a low of Rs 1,197 in intraday trade. The company will announce its Q4 March 2016 results on 15 April 2016.
Auto stocks edged higher. Escorts (up 5.83%), Eicher Motors (up 1.91%), Hero MotoCorp (up 0.97%), TVS Motor Company (up 0.94%) and Mahindra & Mahindra (up 0.44%), edged higher. Bajaj Auto (down 0.08%) and Ashok Leyland (down 0.97%), edged lower.
Maruti Suzuki India rose 0.71% to Rs 3,571.65. The company after market hours today, 6 April 2016, announced that it has introduced the automatic transmission option for the Zeta petrol variant of its premium hatchback Baleno. The Baleno Zeta (automatic CVT) petrol variant is priced at Rs 7.47 lakh ex-showroom Delhi. With this automatic transmission options are available on Delta and Zeta trim of Baleno. Since its launch in October 2016, over 44,000 Baleno cars have been sold through Maruti Suzuki's premium retail channel NEXA across India and in addition there are over 55,000 bookings to be served. Baleno is also the first model by Maruti Suzuki to be exported to Japan. Going forward Maruti Suzuki plans to export the model to more than 100 countries from India.
Tata Motors rose 1.81% to Rs 377.20 after the company announced the commercial launch of its new hatchback Tiago. The price for the petrol variant starts at Rs 3.20 lakh ex-showroom New Delhi. The diesel variant starts at Rs 3.94 lakh ex-showroom New Delhi. Tiago will be available for sale, across the country in over 597 Tata Motors sales outlets from today, 6 April 2016.
Telecom stocks were in demand. Reliance Communications (up 3.14%), Tata Teleservices (Maharashtra) (up 1.98%), Idea Cellular (up 1.74%), Bharti Airtel (up 1.47%) and MTNL (up 0.57%) edged higher. The Union Cabinet today, 6 April 2016, approved the modifications in the policy for liberalisation of administratively allotted spectrum where market determined prices are not available. This will facilitate optimal utilisation of spectrum by introducing new technologies and sharing and trading of spectrum. The most recent recommended reserve price will be taken as the provisional price for liberalisation of administratively allocated spectrum where auction determined price is not available. Subsequent to the completion of the ensuing auction and with the availability of auction-determined price, the provisional price already charged will be adjusted with the auction-determined price with effect from the date of liberalisation on pro-rata basis. The announcement of the modifications in the policy for liberalisation of administratively allotted spectrum hit the market after trading hours.
Drug maker Lupin rose 1.54% at Rs 1,485.55 after the company announced the appointment of Dr. Kurt Nielsen as President of Lupin–Somerset. Kurt will be responsible for overall operations of the Gavis-Novel Somerset business and will be based out of Somerset, New Jersey. With the successful completion of the Gavis acquisition earlier this month, Lupin now has the 5th largest abbreviated new drug application (ANDA) pipeline, pending approval with the US Food and Drug Administration, thereby putting it in a formidable position in the US, making this role critical to the overall growth and expansion of the company, the company said in a statement. The announcement was made after market hours yesterday, 5 April 2016.
Shares of diversified state-run firm Andrew Yule & Company (AYCL) surged 12.9% to settle at Rs 24.50 after the Cabinet Committee on Economic Affairs (CCEA) cleared a proposed for conversion of the working capital term loan (WCTL) amounting to Rs 29.91 crore from Bank of Baroda (BoB) into equity. The conversion price will be based on market price determined as per Securities and Exchange Board of India (Sebi) guidelines on the date of acquiring of shares by BoB. Conversion of WCTL into equity will bring down the cost of debt servicing by AYCL by Rs 2.86 crore per annum, resulting in improved profitability and liquidity of AYCL in coming years and thereby providing an opportunity to the company to finance working capital needs of existing and new businesses. It will also result in improved debt equity ratio for AYCL and enhance the strength of its balance sheet. This in turn is likely to translate into better share price of AYCL at the time of disinvestment of government stake, according to a government statement. The Centre holds 87.98% stake in AYCL as per the shareholding pattern as on 31 December 2015. BoB has already agreed to the proposal of conversion of WCTL into equity.
AYCL is engaged in manufacturing of industrial fans, ventilation equipment, air pollution control equipment & systems, effluent treatment plants, power & distribution transformers, high tension and low tension switchgears and circuit breakers, auto voltage regulators and allied equipment and production of bulk tea.
Meanwhile, the outcome of a monthly survey showed that growth in India's services sector accelerated last month on the back of a marked and accelerated increase in new business. On the flip slide, the latest data indicated that businesses still operated below capacity, as backlogs declined at the quickest rate in seven years. The seasonally adjusted Nikkei India Services purchasing managers' index (PMI) edged higher to 54.3 in March from 51.4 in February. Sub-sector data indicated that the services sector activity rose in five out six categories, with the sole exception being Transport & Storage. Services input costs and output charges rose at relatively weak rates. Indian services companies remained optimistic that activity will increase further over the coming 12 months. The level of confidence was at a nine-month high, with positivity linked to favourable government policies and forecasts of a pick-up in demand.
In its bid to boost economic growth, the Reserve Bank of India (RBI) announced a reduction of 25 basis points (bps) in its benchmark lending rate viz. the repo rate to 6.5% from 6.75% after a scheduled monetary policy review yesterday, 5 April 2016. The central bank also announced the fine-tuning of its liquidity management framework. While retaining the accommodative stance of the monetary policy, RBI Governor Raghuram Rajan indicated in his monetary policy statement that the RBI may cut the repo rate further in the coming months if macroeconomic and financial developments provide room for further rate cut.
The Sensex has fallen 1,212.91 points or 4.64% in calendar year 2016 so far (till 6 April 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the Sensex has risen 2,408.02 points or 10.70%. The Sensex is off 4,192.98 points or 14.41% from a 52-week high of 29,094.61 hit on 15 April 2015. The Sensex is off 5,124.11 points or 17.07% from a record high of 30,024.74 hit on 4 March 2015.
Metal and mining stocks edged higher after the outcome of a monthly survey showed acceleration in growth in China's services sector last month. Tata Steel surged on media reports that the British government has initiated talks with potential buyers for the company's UK operations. Tata Motors edged higher after the company announced the commercial launch of its new hatchback Tiago. Shares of diversified state-run firm Andrew Yule & Company (AYCL) surged after the Cabinet Committee on Economic Affairs (CCEA) cleared a proposed for conversion of the working capital term loan (WCTL) amounting to Rs 29.91 crore from Bank of Baroda (BoB) into equity.
In overseas stock markets, European stocks edged higher after the outcome of a monthly survey showed improvement in China's service sector growth last month.
China is the world's second biggest economy after the United States. Asian stocks witnessed a mixed trend. In mainland China, the Shanghai Composite ended near the flat line. In Hong Kong, the Hang Seng index ended 0.15% higher. The Caixin China services purchasing managers' index rose to 52.2 in March from 51.2 in February. China's official nonmanufacturing PMI, a competing gauge, also showed faster growth in March, according to data released last week. US stocks closed lower yesterday, 5 April 2016, on concerns about the upcoming corporate results and slowdown in global growth.
The Sensex rose 17.04 points or 0.07% to settle at 24,900.63, its highest closing level since 4 April 2016. The index rose 117.06 points or 0.47% at the day's high of 25,000.65. The index lost 49.53 points or 0.19% at the day's low of 24,834.16.
The Nifty 50 index rose 11.15 points or 0.15% to settle at 7,614.35, its highest closing level since 4 April 2016. The index rose 35.45 points or 0.46% at the day's high of 7,638.65. The index lost 11.45 points or 0.15% at the day's low of 7,591.75.
The market breadth indicating the overall health of the market was strong. On BSE, 1,658 shares rose and 889 shares fell. A total of 141 shares were unchanged. The BSE Mid-Cap index rose 0.6%. The BSE Small-Cap index rose 0.91%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2195 crore, lower than turnover of Rs 2853.41 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Basic Materials index (up 2.57%), the S&P BSE Metal index (up 2.33%), the S&P BSE Capital Goods index (up 1.11%), the S&P BSE Industrials index (up 1.02%), the S&P BSE Telecom index (up 0.96%), the S&P BSE Realty index (up 0.76%), the S&P BSE Oil & Gas index (up 0.62%), the S&P BSE Auto index (up 0.58%), the S&P BSE Power index (up 0.53%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.47%), the S&P BSE Energy index (up 0.46%), the S&P BSE Healthcare index (up 0.36%), the S&P BSE FMCG index (up 0.23%) and the S&P BSE Utilities index (up 0.20%), outperformed the Sensex. The S&P BSE Consumer Durables index (down 0.03%), the S&P BSE Finance index (down 0.15%), the S&P BSE Teck index (down 0.29%), the S&P BSE Bankex (down 0.44%) and the S&P BSE IT index (down 0.51%), underperformed the Sensex.
Stocks of public sector banks extended losses registered during the previous trading session. UCO Bank (down 2.58%), Corporation Bank (down 2.03%), Punjab National Bank (down 1.87%), Union Bank of India (down 1.62%), Bank of India (down 1.33%), Bank of Maharashtra (down 1.18%), Central Bank of India (down 1.13%), Canara Bank (down 1.02%), Allahabad Bank (down 1.01%), IDBI Bank (down 0.95%), Vijaya Bank (down 0.95%), Syndicate Bank (down 0.81%), Bank of Baroda (down 0.62%), Punjab and Sind Bank (down 0.43%), Indian Bank (down 0.34%) and State Bank of India (down 0.3%), edged lower. United Bank of India rose 1.27%
Stocks of private sector banks were mixed. City Union Bank (up 0.88%), Yes Bank (up 0.67%), HDFC Bank (up 0.59%), Federal Bank (up 0.57%) and IndusInd Bank (up 0.51%) edged higher. Kotak Mahindra Bank (down 0.21%), ICICI Bank (down 1.2%) and Axis Bank (down 1.71%) edged lower.
The Reserve Bank of India (RBI) announced a reduction of 25 basis points (bps) in its benchmark lending rate viz. the repo rate to 6.5% from 6.75% after a scheduled monetary policy review yesterday, 5 April 2016. The central bank also announced the fine-tuning of its liquidity management framework. While retaining the accommodative stance of the monetary policy, RBI Governor Raghuram Rajan indicated in his monetary policy statement that the RBI may cut the repo rate further in the coming months if macroeconomic and financial developments provide room for further rate cut.
Metal and mining stocks edged higher after the outcome of a monthly survey showed acceleration in growth in China's services sector last month. Hindalco Industries (up 4.77%), NMDC (up 3.89%), Jindal Steel & Power (up 3.16%), JSW Steel (up 2.82%), Vedanta (up 1.92%), Steel Authority of India (up 1.77%), Hindustan Copper (up 0.70%) and National Aluminium Company (up 0.26%), edged higher. Bhushan Steel fell 0.40%. China is the world's largest consumer of steel, copper and aluminum.
The Caixin China services purchasing managers' index rose to 52.2 in March from 51.2 in February. China's official nonmanufacturing PMI, a competing gauge, also showed faster growth in March, according to data released last week.
Copper prices edged lower in the global commodities markets. High Grade Copper for May 2016 delivery was currently down 0.23% at $2.133 per pound on the COMEX.
Tata Steel surged 5.24% at Rs 328.45 on media reports that the British government has initiated talks with potential buyers for the company's UK operations. Tata Steel had last week announced its intention to explore all options for portfolio restructuring including the potential divestment of its UK subsidiary Tata Steel UK, in whole or in parts due to the deteriorating financial performance of the UK subsidiary during the last twelve months.
Hindustan Zinc dropped 13.37% at Rs 162.05 on turning ex-dividend for special dividend of Rs 24 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 12.83% based on the stock's closing price of Rs 187.05 on the BSE yesterday, 5 April 2016. It may be recalled that the board of directors of the company at a meeting held on 30 March 2016, had declared a special golden jubilee dividend of Rs 24 per share for the financial year ended 31 March 2016.
Cement stocks were in demand. UltraTech Cement (up 2.92%), ACC (up 2.69%) and Ambuja Cements (up 1.19%), edged higher.
Grasim Industries rose 1.93%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Index heavyweight and IT major Infosys fell 1.44% at Rs 1,201.10. The stock hit a high of Rs 1,228 and a low of Rs 1,197 in intraday trade. The company will announce its Q4 March 2016 results on 15 April 2016.
Auto stocks edged higher. Escorts (up 5.83%), Eicher Motors (up 1.91%), Hero MotoCorp (up 0.97%), TVS Motor Company (up 0.94%) and Mahindra & Mahindra (up 0.44%), edged higher. Bajaj Auto (down 0.08%) and Ashok Leyland (down 0.97%), edged lower.
Maruti Suzuki India rose 0.71% to Rs 3,571.65. The company after market hours today, 6 April 2016, announced that it has introduced the automatic transmission option for the Zeta petrol variant of its premium hatchback Baleno. The Baleno Zeta (automatic CVT) petrol variant is priced at Rs 7.47 lakh ex-showroom Delhi. With this automatic transmission options are available on Delta and Zeta trim of Baleno. Since its launch in October 2016, over 44,000 Baleno cars have been sold through Maruti Suzuki's premium retail channel NEXA across India and in addition there are over 55,000 bookings to be served. Baleno is also the first model by Maruti Suzuki to be exported to Japan. Going forward Maruti Suzuki plans to export the model to more than 100 countries from India.
Tata Motors rose 1.81% to Rs 377.20 after the company announced the commercial launch of its new hatchback Tiago. The price for the petrol variant starts at Rs 3.20 lakh ex-showroom New Delhi. The diesel variant starts at Rs 3.94 lakh ex-showroom New Delhi. Tiago will be available for sale, across the country in over 597 Tata Motors sales outlets from today, 6 April 2016.
Telecom stocks were in demand. Reliance Communications (up 3.14%), Tata Teleservices (Maharashtra) (up 1.98%), Idea Cellular (up 1.74%), Bharti Airtel (up 1.47%) and MTNL (up 0.57%) edged higher. The Union Cabinet today, 6 April 2016, approved the modifications in the policy for liberalisation of administratively allotted spectrum where market determined prices are not available. This will facilitate optimal utilisation of spectrum by introducing new technologies and sharing and trading of spectrum. The most recent recommended reserve price will be taken as the provisional price for liberalisation of administratively allocated spectrum where auction determined price is not available. Subsequent to the completion of the ensuing auction and with the availability of auction-determined price, the provisional price already charged will be adjusted with the auction-determined price with effect from the date of liberalisation on pro-rata basis. The announcement of the modifications in the policy for liberalisation of administratively allotted spectrum hit the market after trading hours.
Drug maker Lupin rose 1.54% at Rs 1,485.55 after the company announced the appointment of Dr. Kurt Nielsen as President of Lupin–Somerset. Kurt will be responsible for overall operations of the Gavis-Novel Somerset business and will be based out of Somerset, New Jersey. With the successful completion of the Gavis acquisition earlier this month, Lupin now has the 5th largest abbreviated new drug application (ANDA) pipeline, pending approval with the US Food and Drug Administration, thereby putting it in a formidable position in the US, making this role critical to the overall growth and expansion of the company, the company said in a statement. The announcement was made after market hours yesterday, 5 April 2016.
Shares of diversified state-run firm Andrew Yule & Company (AYCL) surged 12.9% to settle at Rs 24.50 after the Cabinet Committee on Economic Affairs (CCEA) cleared a proposed for conversion of the working capital term loan (WCTL) amounting to Rs 29.91 crore from Bank of Baroda (BoB) into equity. The conversion price will be based on market price determined as per Securities and Exchange Board of India (Sebi) guidelines on the date of acquiring of shares by BoB. Conversion of WCTL into equity will bring down the cost of debt servicing by AYCL by Rs 2.86 crore per annum, resulting in improved profitability and liquidity of AYCL in coming years and thereby providing an opportunity to the company to finance working capital needs of existing and new businesses. It will also result in improved debt equity ratio for AYCL and enhance the strength of its balance sheet. This in turn is likely to translate into better share price of AYCL at the time of disinvestment of government stake, according to a government statement. The Centre holds 87.98% stake in AYCL as per the shareholding pattern as on 31 December 2015. BoB has already agreed to the proposal of conversion of WCTL into equity.
AYCL is engaged in manufacturing of industrial fans, ventilation equipment, air pollution control equipment & systems, effluent treatment plants, power & distribution transformers, high tension and low tension switchgears and circuit breakers, auto voltage regulators and allied equipment and production of bulk tea.
Meanwhile, the outcome of a monthly survey showed that growth in India's services sector accelerated last month on the back of a marked and accelerated increase in new business. On the flip slide, the latest data indicated that businesses still operated below capacity, as backlogs declined at the quickest rate in seven years. The seasonally adjusted Nikkei India Services purchasing managers' index (PMI) edged higher to 54.3 in March from 51.4 in February. Sub-sector data indicated that the services sector activity rose in five out six categories, with the sole exception being Transport & Storage. Services input costs and output charges rose at relatively weak rates. Indian services companies remained optimistic that activity will increase further over the coming 12 months. The level of confidence was at a nine-month high, with positivity linked to favourable government policies and forecasts of a pick-up in demand.
In its bid to boost economic growth, the Reserve Bank of India (RBI) announced a reduction of 25 basis points (bps) in its benchmark lending rate viz. the repo rate to 6.5% from 6.75% after a scheduled monetary policy review yesterday, 5 April 2016. The central bank also announced the fine-tuning of its liquidity management framework. While retaining the accommodative stance of the monetary policy, RBI Governor Raghuram Rajan indicated in his monetary policy statement that the RBI may cut the repo rate further in the coming months if macroeconomic and financial developments provide room for further rate cut.
The Sensex has fallen 1,212.91 points or 4.64% in calendar year 2016 so far (till 6 April 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the Sensex has risen 2,408.02 points or 10.70%. The Sensex is off 4,192.98 points or 14.41% from a 52-week high of 29,094.61 hit on 15 April 2015. The Sensex is off 5,124.11 points or 17.07% from a record high of 30,024.74 hit on 4 March 2015.
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