INSUBCONTINENT EXCLUSIVE:
Domestic stock markets declined for a second straight session, with the BSE Sensex closing 356 points lower
The 30-scrip BSE benchmark index settled at 37,165, while the NSE Nifty settled 101 points lower at 11,244
The indices were dragged lower by a selloff witnessed across banking, financial and auto stocks
The fall came a day after the Reserve Bank of India (RBI) announced a hike of 25 basis points in repo rate while maintaining a 'neutral'
policy stance.Here are 10 things to know about Thursday's trading session:1
Thirty five stocks on the 50-scrip NSE index closed lower. Top laggards on the index included Kotak Mahindra Bank, Maruti Suzuki India,
Mahinda Mahindra and Bharti Airtel, ending between 2 per cent and 2.6 per cent lower.2
Other than the RBI action on key interest rate dragging the rate-sensitive stocks lower, investor sentiment was affected by escalating
China-US trade concerns, according to analysts.3
The NSE's indices for banking and financial services stocks, Nifty Bank and Nifty Financial Services - finished around 1 per cent lower,
pulling the markets lower
Punjab National Bank and Bank of Baroda declined around 2 per cent each.4
Auto stocks lost ground, with the NSE Auto - the NSE's sectoral index comprising auto sector stocks - declining 1.4 per cent
Maruti Suzuki India closed 2.3 per cent lower, a day after the company posted a fall in July vehicle sales.5
Among other decliners, heavyweight Reliance Industries fell 2 per cent while Housing Development and Finance Corporation (HDFC) declined 1.9
The two days of losses for Sensex come after eight consecutive sessions of gains
The Nifty had closed higher in seven out of eight sessions before Wednesday.7
Domestic shares also took weak cues from other Asian peers, where equities fell after the US government on Wednesday increased pressure on
China for trade concessions by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports.8
Foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) net sold shares worth Rs 95.94 crore and Rs 562.33 crore on
Wednesday respectively, provisional data from stock exchange NSE showed.9. Meanwhile, the rupee strengthened further to hit to a fresh
one-month high of 68.26 against the US dollar
The RBI maintained its economic growth projections for the current financial year.10
The RBI projected a gross domestic product (GDP) expansion rate of 7.4 per cent in 2018-19 on the back of robust macroeconomic
environment.(With agency inputs)
