At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 452.18 points or 0.57% to 79,015.83. The Nifty 50 index lost 142.65 points or 0.59% to 24,154.85.
In the broader market, the S&P BSE Mid-Cap index shed 0.02% and the S&P BSE Small-Cap index added 0.17%.
The market breadth was positive. On the BSE, 1,957 shares rose and 1,897 shares fell. A total of 119 shares were unchanged.
Economy:
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (August 8, 2024) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%.
Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.
These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.
The projected real GDP growth for 2024-25 is maintained at 7.2%. The quarterly breakdown is as follows: Q1 at 7.1%; Q2 at 7.2%; Q3 at 7.3%; and Q4 at 7.2%. Real GDP growth for Q1:2025-26 is projected at 7.2%.
The projected CPI inflation for 2024-25 remains unchanged at 4.5%. The quarterly breakdown is as follows: Q2 at 4.4%; Q3 at 4.7%; and Q4 at 4.3%. CPI inflation for Q1:2025-26 is projected at 4.4%.
During the recent policy meeting, Dr. Shashanka Bhide, Dr. Rajiv Ranjan, Dr. Michael Debabrata Patra and Shaktikanta Das voted to keep the policy repo rate unchanged at 6.50%. Dr. Ashima Goyal and Prof. Jayanth R. Varma voted to reduce the policy repo rate by 25 basis points.
The minutes of the MPC’s meeting will be published on August 22, 2024. The next meeting of the MPC is scheduled during October 7 to 9, 2024.
Buzzing Index:
The Nifty Metal index fell 1.17% to 9,021.70. The index added 1.43% in the past two consecutive trading sessions.
Steel Authority of India (down 3.3%), National Aluminium Company (down 3.07%), Jindal Steel & Power (down 2.11%), Tata Steel (down 1.92%), NMDC (down 1.67%), JSW Steel (down 1.41%), Hindalco Industries (down 1.28%), Vedanta (down 1.23%), Jindal Stainless (down 0.86%) and Welspun Corp (down 0.35%) declined.
On the other hand, Hindustan Copper (up 0.71%),Adani Enterprises (up 0.6%) and APL Apollo Tubes (up 0.16%) edged higher.
Numbers to Track:
The yield on India's 10-year benchmark federal rallied 1.81% to 6.986 as compared with previous close 6.983.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9600, compared with its close of 83.9500 during the previous trading session.
MCX Gold futures for 5 October 2024 settlement rose 0.01% to Rs 68,971.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.20% to 103.
The United States 10-year bond yield fell 1.22% to 3.918.
In the commodities market, Brent crude for October 2024 settlement lost 28 cents or 0.36% to $78.05 a barrel.
Stocks in Spotlight:
Apollo Tyres declined 1.90% after the company’s consolidated net profit slipped 23.91% to Rs 302 crore in Q1 FY25 as against Rs 396.91 crore recorded in Q1 FY24. Revenue from operations grew by 1.45% to Rs 6,334.85 crore in Q1 FY25 as compared to Rs 6,244.58 crore posted in the same period a year ago.
Balaji Amines tumbled 6.61% after the company’s consolidated net profit declined 17.90% to Rs 43.29 crore in Q1 FY25 as against Rs 52.73 crore posted in Q1 FY24. Revenue from operations was at Rs 384.75 crore in Q1 FY25, down 17.02% from Rs 463.67 crore recorded in the corresponding quarter previous year.
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