The business wrap: RBI's key repo rate reduced to 6.25%, and six other top stories
The cut resulted in both Sensex and Nifty closer higher and the rupee gaining 0.18% against the US dollar, its highest value in a month.
A look at the headlines in the sector right now:
- Monetary Policy Committee cuts RBI's key repo rate to 6.25%: This is the first time the six-member panel decided the figure, which all members voted to reduce.
- Sensex, Nifty close higher after RBI repo rate cut to 6.25%: Shares of banking, real estate and auto companies saw gains after the central bank announcement, while SBI, Airtel and Tata Steel were among the top performers.
- Rupee hits one-month high against US dollar after RBI rate cut: The currency closed at 66.46, a 0.18% gain from its previous close of 66.58.
- Economic impact of Army's surgical strikes along LoC will be 'extremely marginal', says Arun Jaitley: The finance minister said its effects on Indian markets had been temporary, and that FDI continues to grow.
- Pound falls to 31-year-low against the US dollar: On Sunday, British PM Theresa May had announced that the country will start the formal process to exit the European Union in March 2017.
- Final black money tally disclosed under Income Declaration Scheme may increase by Rs 10,000 crore: The Income Tax Department is expected to submit the final figure by next week to the Central Board of Direct Taxes.
- Anil Ambani's Reliance Group ties up with Dassault to help French firm invest in India for Rafale deal: The defence company has agreed to invest 50% of its earnings from the contract with the government to supply 36 units of the aircraft, as per a new rule.
