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Bank stocks take heavy pounding
On expected lines, markets moved in a narrow range 70 points as RBI kept key rates unchanged except for a brief movement. BSE Sensex tumbled to 28,155 points, day’s low, and quickly recovered in a volatile trade as soon as the central bank announced its decision keeping rates on hold, which impacted the banking stocks in a more negative way.
Mumbai: On expected lines, markets moved in a narrow range 70 points as RBI kept key rates unchanged except for a brief movement. BSE Sensex tumbled to 28,155 points, day’s low, and quickly recovered in a volatile trade as soon as the central bank announced its decision keeping rates on hold, which impacted the banking stocks in a more negative way.
BSE Sensex closed the session lower by only 45 points at 28,289.92. The market benchmark had lost 104.12 points on Tuesday. However, the wider Nifty, after hitting a low of 8,715, closed in the green by rising 0.75 point, or 0.01 per cent, at 8,769.05.
The RBI decision disappointed investors, who anticipated rate cut by 25bps, sending 10-year bond yields up 13bps from levels before the decision.
Meanwhile, the rupee continued to trade higher at 67.20 against the US dollar, which supported the late recovery in stocks.
Leading banking stocks PNB, Axis Bank, ICICI Bank, Kotak Bank, IndusInd Bank, Bank of Baroda and SBI ended lower by up to 1.32 per cent in a knee-jerk reaction to the RBI decision.
Other laggards include Dr Reddy's, Sun Pharma, Hero MotoCorp, Infosys, ITC, NTPC, Tata Steel, RIL, Maruti Suzuki and HUL. Out of the 30-share Sensex pack, 15 ended lower, while 14 supported the index. Coal India, GAIL, M&M, Lupin, Tata Motors, Cipla, TCS and Wipro finished higher.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 201.13 crore on Tuesday, according to BSE data. Other Asian markets closed higher. Japan's Nikkei rose 0.51 per cent, China's Shanghai Index 0.44 per cent and Hong Kong's Hang Seng 0.66 per cent.
European markets too were trading in the positive terrain in their early deals. Frankfurt's DAX 30 gained 0.27 per cent while France Paris CAC climbed 0.69 per cent and London's FTSE rose 0.03 per cent.
