Stock Market News - RBI cuts repo rate by 35 bps to 5.40%, Cipla Gains

RBI cuts repo rate by 35 bps to 5.40%, reduces FY20 growth forecast to 6.9%

The Reserve Bank of India's (RBI's) monetary policy committee (MPC) on Wednesday decided to reduce the repo rate by 35 basis points (bps) to 5.40 percent to help revive the economy. It was the fourth straight rate cut by the central bank in 2019. The marginal standing facility (MSF) rate and the Bank Rate has been adjusted to 5.65 percent.

Closing Bell: Sensex, Nifty Resume Declines After RBI's Fourth Rate Cut This Year Indian equity benchmarks ended lower after Reserve Bank of India lowered the benchmark rate by 35 basis points. The S&P BSE Sensex ended 0.77 percent lower at 36,690.50 and the NSE Nifty 50 ended at 10,855.50, down 0.85 percent. The broader market index represented by NSE Nifty 500 Index ended 0.72 percent lower.

Cipla Gains After Q1 Results -  Shares of the drugmaker jumped over 5 percent to Rs 525.85 each. The company announced its results for the April-June period today.

Adani Ports Declines After Q1 Results -  Shares of the Gautam Adani-led group company fell as much as 3 percent to 365.65 apiece. The company reported its first-quarter results today.

Rupee sees high volatility post-RBI policy decision; inches to 71 level against US dollar - The rupee witnessed high volatility and slipped towards 71 levels after the Reserve Bank of India on Wednesday cut key interest rate by 35 basis points to boost the slowing economy. The rupee had opened on a weak note at 70.92 at the interbank forex market, then fell further to 70.99 against the USD. The domestic currency was trading at 70.91 at 1215 hrs, down 10 paise over its last close.

Gold prices hit fresh all-time highs amid US-China trade tussle over tariffs - Gold prices on Wednesday touched new highs tracking rally in the global bullion market. The yellow metal prices hit a fresh high of Rs 37,848 per 10 grams on MCX amid rising tensions between the two economic giants - the US and China, global growth concerns and falling equity markets.

CRUDE CHECK | Oil hits a new seven-month low on Sino-US trade tensions

Brent crude futures were down 11 cents, or nearly 2%, at 1:53 pm to set a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April. US West Texas Intermediate (WTI) crude futures were flat at $53.63.

Birlasoft slips 5% post Q1 numbers: The share price of Birlasoft shed 5 percent on August 7 after company's Q1 profit declined 36.7% at Rs 41.8 crore against Rs 66 crore, revenue was down at Rs 777.2 crore versus Rs 788.3 crore, QoQ. Its other income fell at Rs 8.4 crore versus Rs 17 crore.

Balrampur Chini Mills Q1: The company's consolidated net profit jumped 42.5 percent to Rs 105.6 crore versus Rs 74.1 crore, while revenue was down 5.4 percent at Rs 948.5 crore versus Rs 1,002.5 crore, YoY.

Titan hits 6-month low as global brokerages cut target price after Q1 nos - Shares of Titan Company fell below Rs 1,000 mark intraday and hit a fresh 6-month low on August 7 as global brokerages slashed price target on demand worries after Q1 earnings. The stock was quoting at Rs 1,011.60, down Rs 26.45, or 2.55 percent on the BSE at 1025 hours IST.

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