All you need to know about today’s stock market
Nifty share price maintained its dignity as it opened over the level of 8800. The NSE Benchmark Index opened at 8815 this morning and made a high of 8837 at the very beginning of the day. A day after the Reserve Bank of India slashed its lending rates by 25 BPS, the index slipped below 8765 to make a new low of 8750 today. The market later continued trading in a range of just 52 points between 8802 and 8750.
The sectors that outperformed in today’s market are FMCG- Sugar which grew 3.32 per cent, AUTO- TYRES AND TUBES which grew 3.27 per cent, FMCG- Beverages which grew 2.63 per cent, FMCG- Packaging which grew 2.54 per cent and Media by 2.20 per cent. The sectors that went negative today are Banks-PSU, Airlines, Diversified, Footwear, Banks-Private, Media- Entertainment and Financial Services- NBFC.
The unexpected rate cut, which is a first in the last six months, seemed to have been welcomed in the market, especially by the Car, consumers’ durable makers. They have been heard to term this new development by the Central Bank as "welcome festival gift by the RBI".
Stocks to watch out for after RBI’s rate cut Here are the five hot picks to watch out for if Nifty corrects post RBI Credit policy. Escorts Ltd, Edelweiss Financial Services, Thirumalai Chemicals Limited, Triveni Engineering & Industries Limited and Chemfab Alkalis Limited.
What else happened today? Yesterday was the third day of the much anticipated Spectrum Auction. The spectrum auction received additional bids amounting to a total of Rs 3,100 crores on the third day, i.e., 4th October 2016 (Tuesday) to take total commitments to Rs 59,981 crores, hence, leaving two-thirds of total quantum of on-offer airwaves unsold as bidders stayed away from high-cost bands as mentioned earlier.
We have two more trading days in hand in this week. Today we saw Nifty closing below its opening price. Let’s take a look at the Top Gains and Top Losers of stock market today.
Top Nifty Losers