Markets remain range-bound after RBI rate hike

Markets remain range-bound after RBI rate hike

New Delhi:Markets are trading in a tight-range with negative bias as Asia trade in the red. Investors also remained cautious due to the Reserve Bank of India’s (RBI) maiden mid-quarterly policy review, in which it has hiked the benchmark repo rate by 25 basis points (bps) to 6%, while it also hiked the reverse repo rate by 50 bps to 5%.

The opening session of trade in major European markets are likely to provide further direction to the local markets.

The BSE’s Sensex is trading near the 19,500-level and NSE’s Nifty is trading a tad low from 5,850 level at this point of time.

The BSE Sensex is currently trading at 19,502.11, down by 21.15 points or 0.11%. There were 14 advances against 15 declines, while one stock remained unchanged on the index.

The main gainers in the BSE sectoral space were fast moving consumer goods (FMCG) up 0.94%, banks up 0.43%, Auto up 0.25%, public sector undertaking (PSU) up 0.15% and capital goods (CG) up 0.12%.

The main losers in the BSE space were IT down 1.57%, technology down 1.33%, realty down 0.68%, metal down 0.40% and consumer durables (CD) down 0.25%.

SBI up 1.76%, Maruti Suzuki up 1.34%, Tata Motors up 0.99%, HUL up 0.96% and ITC up 0.75% were the major gainers on the Sensex.

On the flip side, Infosys down 1.91%, TCS down 1.54%, DLF down 1.29%, Sterlite Industries down 1.24% and Jaiprakash Associates down 1.20% were the main losers on the index.

All the Asian indices were trading in the negative terrain; Hang Seng shed 0.45%, and Nikkei 225 slipped 0.11%.