Monday, 4 April 2016

A Strong End to a Volatile Day : 04 April 2016

Indian markets witnessed volatility throughout the day today. This was seen as participants keep a wath out for the Reserve Bank of India's (RBI) decision on rate cut in tomorrow's monetary policy. While the market seems to be expecting a 25 basis points rate cut, Ajit Dayal, in a recent article in The Honest Truth, challenged the consensus. He thinks a 1% rate cut is possible.

The Sensex ended the day with gains of 130 points, while the Nifty gained 45 points in trade. Leading the set of gainers from the Nifty and the Sensex were rate sensitive stocks like Mahindra and Mahindra, Tata Motors and Bajaj Auto. Banking stocks mostly ended the day lower, ahead of the policy.

Federal Bank, Punjab National Bank, Axis Bank and State Bank of India were among the losers.

Shares in ITC ended lower after reports that tobacco companies had shut down production, until clarity emerged on the health warnings.

ICICI Bank ended the day flat despite reports that the bank had sold a 9 per cent stake in its general insurance venture ICICI Lombard and a 2 per cent stake in life insurance subsidiary ICICI Prudential for about Rs 2,200 crore.

Midcap shares ended the day lower with Federal Bank, Star and Bata India leading the declines.

Shares in Adani Enterprises surged after reports that the Group had won mining leases for its $16-billion Carmichael coal project in Australia. The stock was up 5 per cent in trade.

SsangYong's exports in March soared by 9.7% over the previous month. The rise witnessed here came through Tivoli Air exports to the European markets. However, the company's YoY (year-on-year) exports dropped by 23.5% due to reduced demands in the emerging markets.

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