INSUBCONTINENT EXCLUSIVE:
Domestic equity markets extended their record-setting spree to yet another day, with the BSE Sensex gaining 112 points to close at a high of
That marked a higher closing for the 30-scrip BSE benchmark for the eighth consecutive session
The Nifty also registered a fresh record closing high of 11,356, 36 points higher from the previous close
Gains amid cautious trade were led by buying witnessed in IT and pharma stocks
However, losses in PSU banking and finance shares limited the upside
Investors will now watch the outcome of the Reserve Bank of India's third bi-monthly policy statement of 2018-19, due for release on
Wednesday.Tech Mahindra and Dr Reddy's Laboratories were the top gainers on the 50-scrip Nifty index, closing with gains of 3-4 per cent
Heavyweight Reliance Industries finished 2.8 per cent higher.In terms of market capitalisation, Reliance Industries surpassed Tata
Rs 7,43,222.16 crore.Both Sensex and Nifty finished the month with gains of around 6 per cent.Axis Bank, Indiabulls Housing Finance, Eicher
Motors and HDFC were the top Nifty losers, finishing with losses of between 2 per cent and 4 per cent
Among other laggards, HDFC fell 2.6 per cent, making it the top drag on the NSE index.InterGlobe Aviation closed 7 per cent lower, a day
after the operator of airline IndiGo reported a decline of 97 per cent in its June-quarter profit.Idea Cellular slumped 6.3 per cent
On Monday, the telecom company reported a net profit of Rs 257 crore ($37.43 million) for the quarter ended June 30, as against a net loss
815 crore for the corresponding period a year ago
However, its revenue from operations fell about 28 per cent to Rs
5,889 crore.The government announced the June-quarter fiscal deficit of Rs 4.29 lakh crore ($62.57 billion), or 68.7 per cent of the
budgeted target for the current fiscal year compared with 80.8 per cent a year ago."The market trend in the near term will be dictated by
tomorrow's RBI monetary policy outcome
Considering the recent spike in the inflation rate, the fears of interest rate hike has increased
However the commentary on the future outlook of interest rates/inflation would hold importance," said Jayant Manglik, president, Religare
Broking.The Monetary Policy Committee, headed by RBI Governor Urjit Patel, will conclude its three-day policy meeting on Wednesday
Economists in a Reuters poll were almost evenly split over the next rate hike while inflation has been above the central bank's medium-term
target of 4 per cent for eight months and is expected to stay that way through to the end of next year."Caution ahead of tomorrow's RBI US
Fed (US central bank) policy led the indices to start on a weak note
However, strength in earnings supported the market to reverse from day's low and ended up with a gain," said Vinod Nair, head of research,
Geojit Financial Services.Domestic share markets also tracked mild gains in Asian peers, where equities erased some of their early losses as
easy monetary policy from the Bank of Japan (BOJ) is seen as positive for risk assets although a global rout in technology shares put a lid
on gains.Globally, investors will also watch the outcome of the Federal Reserve's policy meeting due on Wednesday
