 "Markets extend losses in noon trades, FMCG weighs")
Markets fell further in noon trades amid profit taking in FMCG majors, Autos, oil and gas shares.
At 1PM, the 30-share Sensex was down 119 points at 19,474 and the 50-share Nifty was down 40 points at 5,792.
Markets held firm post the annoucement by the Reserve Bank of India's policy review. However, selling pressure later dragged the indices lower.
The Central Bank said that the current situation – moderating wholesale price inflation, prospects of softening of food inflation consequent on a robust monsoon and decelerating growth – would have provided a reasonable case for continuing on the easing stance.
Expressing disappointment over the RBI's move for not cutting the key policy rates, India Inc today asked the government to take immediate actions to revive growth and boost investments.
Asian markets firmed up on Tuesday after China's central bank injected funds into money markets for the first time since February, while the dollar index edged up from a five-week low as investors positioned for the Federal Reserve's policy meeting. The Nikkei was up 1.5%, Shanghai gained 0.7%, Hang Seng rose 0.4% and Straits Times was up 0.1%.
The BSE Power indices was the top loser among the sectoral indices on the BSE down 2.1%, followed by Realty, Oil and Gas, Metal, FMCG and Auto indices.
In the Sensex pack, FMCG majors ITC and HUL were down over 2% each.
Reliance Ind and ONGC eased 0.5-4.0% each while Tata Motors, Bajaj Auto and Bharti Airtel were the other losers.
Shares of IT majors remained firm on the back of a weak rupee. Infosys, Wipro and TCS were up 1-1.5% each.
In the broader market, the BSE Mid-cap was 1.2% and the Small-cap index was up 1%.
Market breadth was weak with 1,311 losers and 638 gainers on the BSE.
At 1PM, the 30-share Sensex was down 119 points at 19,474 and the 50-share Nifty was down 40 points at 5,792.
Markets held firm post the annoucement by the Reserve Bank of India's policy review. However, selling pressure later dragged the indices lower.
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“It has been decided to keep the repo rate under the liquidity adjustment facility (LAF) unchanged at 7.25%. The reverse repo rate under the LAF, determined with a spread of 100 basis points below the repo rate, stands at 6.25%,” RBI said in a statement.
The Central Bank said that the current situation – moderating wholesale price inflation, prospects of softening of food inflation consequent on a robust monsoon and decelerating growth – would have provided a reasonable case for continuing on the easing stance.
Expressing disappointment over the RBI's move for not cutting the key policy rates, India Inc today asked the government to take immediate actions to revive growth and boost investments.
Asian markets firmed up on Tuesday after China's central bank injected funds into money markets for the first time since February, while the dollar index edged up from a five-week low as investors positioned for the Federal Reserve's policy meeting. The Nikkei was up 1.5%, Shanghai gained 0.7%, Hang Seng rose 0.4% and Straits Times was up 0.1%.
The BSE Power indices was the top loser among the sectoral indices on the BSE down 2.1%, followed by Realty, Oil and Gas, Metal, FMCG and Auto indices.
In the Sensex pack, FMCG majors ITC and HUL were down over 2% each.
Reliance Ind and ONGC eased 0.5-4.0% each while Tata Motors, Bajaj Auto and Bharti Airtel were the other losers.
Shares of IT majors remained firm on the back of a weak rupee. Infosys, Wipro and TCS were up 1-1.5% each.
In the broader market, the BSE Mid-cap was 1.2% and the Small-cap index was up 1%.
Market breadth was weak with 1,311 losers and 638 gainers on the BSE.