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Mkts plunge on RBI policy, global cues
Markets nosedived sharply on Tuesday as Reserve Bank of India’s decision to keep interest rates unchanged failed to cheer the bourses in the country. Bearish trend in global markets driven by further fall in crude oil prices and weakening rupee also weighed on the stock markets.
Sensex tanks by 286 points; Nifty sheds 100 points
Hyderabad: Markets nosedived sharply on Tuesday as Reserve Bank of India’s decision to keep interest rates unchanged failed to cheer the bourses in the country. Bearish trend in global markets driven by further fall in crude oil prices and weakening rupee also weighed on the stock markets.
Benchmark BSE Sensex plunged by 285.83 points, or 1.15 per cent, to 24,539, while NSE Nifty tumbled by 100.40 points, or 1.33 per cent, to close at 7,455.55. Intra-day, Nifty shuttled between 7,576.30 and 7,428.05.
The BSE Sensex took off on a positive note at 24,868.21 and advanced to the day’s high of 24,928.75, after RBI left the key interest rate unchanged in 6th bimonthly policy review on Tuesday. Higher levels could not be sustained as participants locked in gains amid a weak opening in Europe. The index finally settled at 24,539 after hitting a low of 24,460.53.
RBI, which had cut interest rate by 125 basis points or 1.25 per cent in 2015, retained the benchmark repo rate at 6.75 per cent. Meanwhile, rupee weakened by 14 paise to 67.98 during the day against the dollar.
Out of the 30-share Sensex pack, 25 ended lower. Prominent losers were Tata Steel, NTPC, BHEL, Cipla, Sun Pharma, ONGC, Coal India, RIL, ICICI Bank, Adani Ports, Tata Motors, Axis Bank, SBI, M&M, Maruti Suzuki and GAIL India. Bucking the trend, shares of Bajaj Auto gained 1.48 per cent to Rs 2,362.55 after the company reported 1.78 per cent growth in total sales in January. Bharti Airtel and Infosys also ended in positive terrain.
Sector-wise, the BSE metal index suffered the most by plunging 4.33 per cent followed by oil&gas (2.59 pc), infra (2.50 pc), healthcare (2.46 pc), PSU (2.45 pc), power (2.42 pc), realty (1.71 pc), banking (1.68 pc) and auto (1.39 pc). In the broader markets, the BSE mid-cap index fell by 1.74 per cent and the small-cap shed 1.25 per cent.
