Sensex opens at 80,912.34, up 166 pts and Nifty at 24,431.50, up 17 pts
Sensex rises over 100 pts
08 May 2025 | 9:50 AM
Mumbai, May 8 (UNI) The BSE Sensex on Thursday advanced further by 166 pts to open at 80,912.34 on strong global cues. see more..
CoinSwitch holds higher crypto assets than its users
07 May 2025 | 9:31 PM
Mumbai, May 7 (UNI) Continuing its commitment to transparency and trust-building, CoinSwitch, India's largest crypto platform with over two crore users, claimed on Wednesday that the company's total holdings in crypto and INR (Indian Rupees) exceed total assets held by its customers. see more..
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
United News of India
an hour ago
- United News of India
OHPC signs agreement with WAPCOS for management consultancy services of 600 MW UIPSP
Bhubaneswar, June 6 (UNI) Odisha Hydro Power Corporation Ltd (OHPC) and WAPCOS Ltd on Friday signed an agreement for project management consultancy services for the 600 MW Upper Indravati Pumped Storage Project (UIPSP) at Mukhiguda. The Detailed Project Report for the UIPSP has been prepared by WAPCOS. Essentially, it is a large Energy Storage System that pumps water from the lower to the upper reservoir during periods of surplus power availability in the grid. This water is then released to generate electricity during peak power demand. OHPC is constructing a 600 MW Pumped Storage Project near its existing 600 MW Upper Indravati Hydro Electric Project. 'This collaboration marks a crucial step in advancing Odisha's energy sector while ensuring efficiency and sustainability,' said Deputy Chief Minister K V Singh Deo,who also holds the energy portfolio. He further stated that the proposed PSP will have an underground powerhouse located near the lower reservoir, equipped with four vertical-axis reversible-type Francis hydroelectric units, each with a capacity of 150 MW (i.e., 4 x 150 = 600 MW). The system will operate in both pumping and generating modes at different times of the day by circulating water between the two reservoirs. Senior officials from the Water Resources Department, Energy Department, OHPC, and WAPCOS were present on the occasion. UNI DP GNK
Mint
an hour ago
- Mint
RBI aims to boost economic growth, liquidity with jumbo rate and CRR cuts
Mumbai: In a move to invigorate India's slowing economy and in the wake of consistently easing inflation, the rate-setting committee of India's central bank slashed the repo rate by 50 basis points (bps) on Friday, twice the 25 bps that was widely expected. Further it complemented the policy rate cut with a 100 bps reduction in the cash reserve ratio (CRR). A basis point is one-hundredth of a percentage point. 'Inflation is under a lot of control now, and we can accept that we have won the war,' RBI governor Sanjay Malhotra said at a media briefing on Friday following the MPC meeting, adding that the central bank has reduced inflation projection for FY26 to 3.7% from 4% earlier. The unexpected bounty was cheered by the stock markets, with the BSE Sensex closing 0.92% up at 82,188.99, and the Nifty 50 surpassing the 25,000 level with a 252 pts upswing to close at 25,003.5. Bond markets, too, reacted positively, with the shorter end of the yield curve seeing some softening. The 10-year G-sec yield hit an intraday high of 6.290, before rising 4.3 bps to close at 6.289. The repo rate is the rate at which banks borrow from RBI, and CRR refers to a certain percentage of cash that all banks have to keep with the RBI as a deposit. After Friday's cut, the repo rate stands reduced to 5.5% from 6% earlier, and CRR to 3% from 4% earlier. The cut in CRR is expected to infuse liquidity worth ₹ 2.5 trillion in four tranches from 6 September to 29 November. The last time the CRR was cut by 100bps was during the covid-19 pandemic in 2020, when economic growth needed a major push. 'It is imperative to continue to stimulate domestic private consumption and investment through policy levers to step up the growth momentum,' Malhotra said at the media briefing. 'This changed growth-inflation dynamics calls for not only continuing with the policy easing but also frontloading the rate cuts to support growth. The MPC will be carefully assessing the incoming data and the evolving outlook to chart out the future course of monetary policy in order to strike the right growth-inflation balance.' According to Malhotra, the announcement of CRR cut four months in advance is aimed at ensuring certainty to banks and markets regarding the health of the economy. Five of the six MPC members voted for a 50 bps cut, with only Saugata Bhattacharya voting for a 25 bps rate cut. The six-member also changed the policy stance back to neutral from accommodative, citing limited space for further monetary easing. After including Friday's rate cut, MPC has cumulatively cut repo rates by a 100 bps since February this year, a development that economists widely expected would take the full year to roll out. Most treasury heads and economists polled by Mint had predicted a 25 bps rate cut along with no change in policy stance. Only State Bank of India (SBImp) had predicted a 50 bps cut in interest rates. While the MPC has maintained FY26 GDP growth forecast at 6.5%, it expects economic activity to maintain the momentum in the fiscal year, supported by private consumption and fixed capital formation. The committee however cautioned that spillovers emanating from protracted geopolitical tensions, and global trade and weather-related uncertainties could pose downside risks to growth. The MPC lowered its consumer price inflation (CPI) forecast by 30 basis points to 3.7% as the outlook remains benign. However, the committee expects FY27 inflation at 4.5%. High production of wheat and pulses in the rabi crop season along with early onset of monsoon, augurs well for the inflation outlook. Majority of economists, who were earlier expecting 50-100 basis points repo rate cut during the year, are now reading the policy action as an extended pause for the year. HDFC Bank said in a research note on Friday that the RBI is likely to stay on pause on rate cuts at least in the next two policies (August and October). 'Given the inflation trajectory, the RBI has space to cut the repo rate by another 25-50 bps in this cycle, but we see the probability of that happening to be low at this stage. For now, in our base case, we see the policy rate remaining unchanged at 5.5% for 2025.' Nomura, however, expects terminal rates at 5%, with a likely pause in August, followed by 25 bps rate cuts each in October and December. With this cut in repo rate and CRR, the MPC expects policy transmission to be faster than before. 'The comfortable liquidity surplus in the banking system has further reinforced transmission of policy repo rate cuts to short term rates,' said Malhotra in his policy statement. 'However, we are yet to see a perceptible transmission in the credit market segment, though we must keep in mind that it happens with some lag.' Economists also expect that some of the liquidity infusion could be offset by the RBI reducing its forward book. As of April 2025, RBI's forward book stood at $53 billion (up to one-year segment). Between February 2025 and April 2025, RBI reduced its dollar short position by $26, resulting in liquidity drain of $2.3 trillion. 'We believe that the liquidity infusion through the CRR cut would help cushion the rupee drain from the maturity of the RBI's forward book over the coming months,' added HDFC bank in its note.
Time of India
an hour ago
- Time of India
ET Market Watch: Sensex at 81K, Nifty Near 25K; RBI Rate Cut Hopes Boost Sentiment
Transcript Hi, you're listening to ET Markets Radio, I am your host Neha V Mahajan. Welcome to a fresh episode of ET Market Watch -- where we bring you the latest news from the world of stock markets every single day. Let's get to it: Markets ended on a high note today. The Sensex jumped 443 points to close at 81,442, and Nifty rose 131 points to end at 24,750 — after briefly flirting with the 24,900 mark during the day. What's driving the rally? - Pharma and Reliance Industries led the charge, while Nifty Realty and Pharma gained the most—up 1.75% and 1.3% respectively. IT and Metal followed with modest gains. - Broader markets were upbeat too—Smallcaps up 1%, Midcaps up 0.7%. - Rs 2.4 lakh crore was added to investor wealth today, pushing BSE's market cap to Rs 447.61 lakh crore. Now the global push: A weaker U.S. dollar and falling Treasury yields helped boost sentiment. The 10-year U.S. yield fell to 4.355%, raising hopes of a rate cut by the Fed. That's great news for emerging markets like India. Back home: All eyes are on the RBI's policy meeting tomorrow. Markets are betting on a 25 bps rate cut—that would make it the third cut in a row, a big boost for liquidity and growth. FIIs are back in buying mode, pumping in over Rs 1,000 crore, while DIIs continued their buying streak, investing over Rs 2,500 crore. And finally, crude oil prices dipped—Brent at $64.85—thanks to weak U.S. demand data and Saudi price cuts. A softer dollar, falling yields, rate cut hopes, and foreign inflows—India's market bulls have plenty to cheer!
