A look at the headlines in the sector right now:
- RBI cuts repo rates by 25 basis points, as expected by many: The Monetary Policy Committee voted 4-2 in favour of the move, keeping lower inflation and the need for a pickup in bank credit in mind.
- Apple is very bullish and optimistic about India, says CEO Tim Cook, as shares hit all-time high: The company is believed to have sought tax breaks towards setting up more manufacturing units in the country.
- At least 50 cyber attacks reported in the financial sector since November 2016, says government: The Centre has constituted a digital payment division for protection of online payment, Union minister Hansraj Ahir said.
- Insurance firms have still not settled farmers’ claims from 2016 kharif season, says report: They are now also trying to deal with their flooded plots in Gujarat and West Bengal.
- Markets close in the red after RBI’s decision to slash policy rate fails to boost sentiment: The Sensex finished 98.43 points lower at 32476.74 while the Nifty was down 33.15 points at 10,081.50.
- Google, Apple remove over 300 ‘high-risk’ trading apps from their stores: The Australian Securities and Investments Commission said the owners of these apps did not disclose the risk involved in the trading practice to its users.
- Indus Waters Treaty allows India to build Kishanganga and Ratle hydro power plants, says World Bank: Pakistan has opposed their construction saying certain features of the facilities violate the provisions of the pact.