Unlikely further rate cut due to inflationary pressures going ahead could be the main reason for fall in rate sensitive stocks today, experts feel.
The equity markets which have been bearish since the last week, slipped further as Reserve Bank of India (RBI) chose to keep the repo rate unchanged at 6 per cent at the end of its two-day long policy review meet.
As widely expected, RBI maintained a status quo on policy rates citing its neutral monetary policy stance and objective of achieving the medium-term target for consumer price inflation (or CPI) of 4 per cent within a band of +/- 2%, while supporting growth. Assocham President Sandeep Jajodia said in a statement.
M&S introduces stoneless "cocktail avocados"
These cocktail avocados are a result of an unpollinated avocado blossom and the avocado skin is softer and edible too. Now, Marks and Spencer has started selling STONELESS avocados , which have been dubbed the "cocktail avocado".
The RBI also contributed to the sell-off by selling 900 billion rupees ($13.95 billion) via open market operations since July to drain out excess cash accumulated after India's shock move to ban higher-value bills late previous year as well as the central bank's foreign exchange market interventions.
The benchmark 10-year bond yield ended at 7.03 percent, compared with around 7.07 percent right before the RBI decision came in. "RBI believes that the higher household inflation expectations and possibility of pass through of higher input costs may push inflation trajectory in future", Kunal Shah, Fund Manager - Debt at Kotak Mahindra Life Insurance said. Yields should now consolidate albeit at current levels and await clarity on fiscal front and inflation outcome especially in food prices.
Growth in gross domestic product picked up to 6.3 per cent in July-September from a year ago, halting five quarters of deceleration as manufacturing rebounded. Fuel prices too have risen globally. In this index, the stocks who were in negative were - Union Bank at Rs 156 per piece (3.20%), followed by Canara Bank at Rs 366.30 per piece (2.02%), Bank of Baroda at Rs 166.75 per piece (1.91%), SBI at Rs 313.05 per piece (1.90%), PNB at Rs 172.85 per piece (1.76%) and Syndicate Bank at Rs 86.50 per piece (1.54%). About two shares declined for every share rising on the NSE.
Alps Advisors Inc. Invests $468000 in Las Vegas Sands Corp. (LVS)
The firm earned "Hold" rating on Thursday, August 6 by Vetr. (NYSE: LVS ) has "Neutral" rating given on Friday, July 8 by UBS. Riverpark Advsr Limited Liability Corporation reported 0.49% of its portfolio in Las Vegas Sands Corp . (NYSE: LVS ).
Index heavyweight Reliance Industries (up 1.4 percent) and Infosys (0.6 percent) capped market's losses.
The Nifty PSU Bank was biggest loser among sectoral indices, falling almost 2 percent. Sun Pharma emerged as the worst performer among Sensex constituents by falling 2.31 percent, while Bajaj Auto declined 1.65 percent.
Lindsey Vonn Has Already Turned Down Her Future White House Invitation
Away from the slopes, Vonn also appears willing to put her head above the parapet and speak out about USA politics. Skier Lindsey Vonn in Times Square, New York City, November 1.