Sensex back in green; up 87 points as RBI cuts rate by 0.5 pc
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Wiping off its initial losses, the benchmark BSE Sensex recovered by almost 87 points and the NSE Nifty regained the 7,800-level as rate-sensitive stocks rallied after the Reserve Bank cut interest rate by 0.5 per cent on Tuesday.
The 30-share index, which had lost over 308 points in the opening trade, rebounded by 86.54 points, or 0.33 per cent, to 25,703.38 at 1115 hrs.
The barometer had lost 246.66 points in the previous session.
The wider National Stock Exchange index Nifty recaptured the crucial 7,800-mark by rising 22.05 points, or 0.28 per cent, to 7,817.75.
Brokers said the RBI’s decision to cut repo rate by 0.50 per cent to 6.75 per cent was better than market expectations and buoyed trading sentiments.
They said, however, no change in Cash Reserve Ratio (CRR), restricted the buying activity.
The BSE banking index rose 0.54 per cent to 16,699.06.
On similar lines, the BSE Realty index was quoting 1.56 per cent higher at 1,362.83.
While the RBI cut the repo rate from 7.25 per cent to 6.75 per cent, it left cash reserve requirement unchanged at 4 per cent.
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Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if US President-elect Donald Trump imposes 25 per cent import tariffs on crude imports from the two countries, traders and analysts said.
Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the US oil industry has warned the policy could hurt consumers, industry and national security.
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Congress leaders from Wayanad handed over the election certificate of the parliamentary by-election to party general secretary Priyanka Gandhi Vadra in the presence of Rahul Gandhi here on Wednesday.
Sources said Priyanka Gandhi is likely to take oath in the Lok Sabha on Thursday.
Leaders from Wayanad handed over the election certificate of the Wayanad parliamentary by-election to Priyanka Gandhi and conveyed their best wishes.
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The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said.
About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
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