 "Sensex drops over 100 points; rate sensitive stocks slip")
Markets have extended losses in the noon trades weighed down by rate sensitive shares post the RBI credit policy.
The Reserve Bank of India (RBI) kept the key rates unchanged. The repo rate was unchanged at 7.75% and the reverse repo rate at 6.75%. However, RBI has cut SLR by 50 basis points to 21.5%, effective February 7. he repo rate 25bp to
7.50% from 7.25%.
At 12 PM, the 30-share Sensex has lost 145 points at 28,978 and the 50-share Nifty has shed 43 points at 8,755.
Bajaj Auto, Axis Bank, Tata Power, HDFC twins, SBI and M&M are the top losers on the BSE and are down between 2-4%.
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(updated at 12PM)
Benchmark shares indices weakened slightly after the Reserve Bank of India at its policy meet today kept key rates unchanged but firmed up later with oil shares leading the gains.
At 11:15AM, the 30-share Sensex was up 90 points at 29,213 and the 50-share Nifty was up 27 points at 8,824.
The Reserve Bank of India (RBI) in its sixth bi-monthly monetary policy review, 2014-15 today kept the key rates unchanged. The repo rate was unchanged at 7.75% and the reverse repo rate at 6.75%. But, RBI has cut SLR by 50 basis points to 21.5%, effective February 7.
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(Updated at 11:05AM)
Markets trimmed early gains and were trading flat with negative bias amid profit taking in IT major Infosys and shares of select private banks leading the decline.
At 10:30AM, the 30-share Sensex was down 13 points at 29,109 and the 50-share Nifty was up 2 points at 8,795.
Foreign institutional investors remain net sellers in equities after they sold equities worth Rs 630 crore on Monday, as per the provisional stock exchange data.
Asian stocks gained on Tuesday as hopes for an agreement on Greece's debt situation lifted risk appetite, while a sharp rebound in oil prices boosted commodity currencies such as the Canadian dollar and Norwegian crown.
BSE Consumer Durables was the top sectoral gainer up 1.9% followed by Oil and Gas, Auto and FMCG indices among others.
Oil shares were trading higher after the sharp rebound in global crude oil prices. RIL and ONGC were up 1.8-2% each.
Among the FMCG majors ITC rebounded after recent losses and was up 1% while HUL gained 1.7%.
Banking stocks are trading mixed ahead of Reserve Bank of India’s sixth bi-monthly Monetary Policy review later today.
In the banking pack, Bank of Baroda and ICICI Bank witnessed short covering after sharp declines in the previous sessions and were up 1-1.7%.
Tata Motors was up 1.3% after the company said its sales of passenger vehicles in the domestic market in January stood at 13,047 units, up 18.89% from 10,974 units in January 2014.
Other Sensex gainers include, Sesa Sterlite, Bharti Airtel, SBI and TCS among others.
Infosys was down 1.1% on profit taking while private banks Axis Bank and HDFC Bank were also among the top Sensex losers.
Among other shares, shares of Delta Corp are up over 3% to Rs 102 on the BSE after ace investor Rakesh Jhunjhunwala acquired additional shares worth over Rs 11 crore in the above mentioned company via a bulk deal.
Profit taking was also seen in the broader market. The BSE Mid-cap and Small-cap indices were up 0.2% each.
Market breadth was strong with 1,248 gainers and 838 losers on the BSE.