BackClose: RBI rate cuts fail to entice, markets end flat
Close: RBI rate cuts fail to entice, markets end flat
PremiumNew Delhi: The Bombay Stock Exchange landed in red after swinging between negative and positive territory throughout the trading session on Tuesday. Mixed global cues dragged the benchmark Sensex lower by 0.74%.
Investors also shrugged off positive sentiments, after key rate cuts by Reserve Bank of India were announced in which it cuts repo and reverse repo rates by 25 bps each to 4.75% and 3.25% respectively.
Markets did gain some ground during afternoon trade following rate cut news but little buying was seen among key stocks. In the sectoral front, banks, auto, capital goods, metal and IT sectors were under most selling pressure. However, realty, FMCG and pharma stocks managed to experience some gains.
Sensex opened today on downbeat note tracking weak global cues and after reporting some recovery during afternoon, the 30-share index slipped to end the day lower by 81.39 points at 10,898.11 and the 50-share NSE Nifty ended down by 11.80 points at 3,365.30.
Top loser from the BSE index was Tata Steel, falling by 7.06% to Rs244.30, ICICI Bank by 6.51% to Rs398.80, Maruti Suzuki by 5.38% to Rs789.35, Tata Motors by 5.18% to Rs233.35, Sterlite Industries by 4.21% to Rs382.50, Larsen and Toubro by 3.41% to Rs853.80, State Bank of India by 3.13% to Rs1,255.35 and Reliance Infrastructure by 3.12% to Rs675.25.
Among the gainers Bharti Airtel led the rally, surging by 5.35% to Rs718.75, along with Hindalco by 3.83% to Rs55.60, Sun Pharma by 3.15% to Rs1,219.90, DLF Ltd by 2.84% to Rs237.35, Tata Power by 2.41% to Rs880, ITC Ltd by 2.33%to Rs188.50 and HDFC Bank by 1.84% to Rs1,086.50.
Among the global markets, Asian markets ended mostly lower, with decline in financial stocks on worries about rising bad loans. Japan’s Nikkei fell by 2.5% due to increase in bad loans of Bank of America and Hong Kong’s Hang Seng fell by 3% on sliding HSBC stocks. Meanwhile, the European markets are trading in green.
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