Here is a look of the major business development for the Week ended June 6, 2015 in India.
India's Reserve Bank of India cut interest rates by 25 basis points in its policy meet of June 2, 2015. This was largely on expected lines though the tone of the RBI sounded a lot more hawkish.
Sensex ends week with a huge 4 per cent
The Sensex ended the week with a huge cut of 4 per cent for the week as banking stocks saw huge selling pressure. ICICI Bank was the top loser in trade this week from the Nifty stocks.
Rupee breaches 64 levels
The rupee breached the 64 levels as sentiments turned bearish for the currency. It later recovered to close the week at 63.75 to the dollar.
Nestle India embroiled in Maggie controversy
Nestle India fell a huge 15 per cent in this week after the company's Maggi brand of noodles was banned by select states in India for high led content. There was some buying support on Tuesday, though analysts believe that there may be more downside risk to the shares.
Monsoon Hits Kerala
Monsoon has finally with rains hitting the Kerala coast on Friday. When the news of strong rains were announced stock markets saw some cheer, but fell later on Friday on weak global cues.