This blog will keep you posted on the latest market updates.
Market closes in the green, Sensex gains more than 200 points.
The market closed in the green despite the 25 basis point rise in the key policy rates. Some market experts had expected the rise in the repo rates. The BSE Sensex closed at 35,183 points and the NSE Nifty closed at 10,687 points. The market remained largely in the green in intra-day trade. Capital First gained more than 5% after the RBI approved the IDFC Bank merger deal.
RBI raises key repo rates. Check out the details here.##RBI raises key repo rates. Check out the details here.
The Reserve Bank of India (RBI) on Wednesday raised the key rates, after four and a half years, by 25 basis points. The repo rate is pegged at 6.25% from the earlier 6% and the reverse repo rate has been raised to 6% from the earlier 5.75%, in the June bi-monthly meet.
The repo rate is the rate at which the central bank of the country will lend funds to the commercial banks. The commercial banks borrow funds only if they witness a shortfall in their funds.
Here's why the sugar stocks are slipping in trade.##Here's why the sugar stocks are slipping in trade.
The cabinet on Wednesday approved Rs 8,000 crore bailout package for sugar sector, said sources.
According to the sources, the cabinet also arrived at a minimum selling price of Rs 29 per kg.
The measures were expected to include building a 3 million tonne government stockpile to soak up excess supply from the domestic market and granting soft loans worth 45 billion Indian rupees ($ 670 million) to help millers expand their ethanol production capacity, Food Minister Ram Vilas Paswan said.
Food Minister Ram Vilas Paswan on Tuesday said the government would announce support measures to cut a growing sugar surplus and prop up local prices, a move aimed at helping loss-making mills and millions of cane growers who make up a key voting bloc.
Market trades in the green ahead of the RBI policy meet outcome.
The market is trading in the green with the BSE Sensex trading at 35,107 points and the NSE Nifty is trading at 10,658 points ahead of the RBI policy meet outcome. Capital First is surging in trade, gaining nearly 6%, after the central bank approved the company's merger with IDFC Bank. Idea Cellular, Bharti Airtel, HCL Tech, Bajaj Finance and Titan Company are the top gainers of the hour while HPCL, Tech Mahindra, Asian Paints, GAIL and Vedanta are the current top index losers.