 "Sensex breaks 29,000; RIL, Tata Motors gain nearly 2%")
Benchmark indices are trading lower as the losses in rate-sensitive stocks, post RBI ‘s status quo on key interest rates, have weighed despite strong gains in select index heavyweights and metal stocks.
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 1:01PM, the 30-share Sensex was down 184 points at 28,938 and the 50-share Nifty was down 59 points at 8,737.
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.
Buzzing Stocks
6 out of the 12 sectoral indices of BSE are in red. BSE Bankex has declined over 2% and is the top loser followed by BSE Realty index, down 1.3% and BSE Healthcare index, down 0.8%.
Shares of Sesa Sterlite have gained over 4% to Rs 205 on the BSE after iron ore prices bounced back. Chinese iron ore futures rebounded on Tuesday and were on course for their second-biggest daily gain this year, with traders saying some steel mills had made a surprising return to the market, sensing that ore prices might be near the bottom.
RIL has gained 1.7% after the company announced its plan to apply for a payment bank license in partnership with SBI.
Oil shares were trading higher after the sharp rebound in global crude oil prices. ONGC has gained around 2%.
Tata Motors is up 1.7% 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.
ITC has gained over 1% while other FMCG major HUL has gained around 0.5%.
Financials are under pressure in today’s session after the central bank maintained status quo on key interest rates. HDFC is down arouind 3%, Axis Bank has declined around 4%, SBI is down 2%, ICICI Bank is down 1.5% and HDFC Bank has declined around 1.7%. According to media reports, HDFC Bank is expected to sell shares worth up to Rs 10,000 crore ($1.6 billion) as early as this week, with an offering that will include overseas and domestic stock.
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 1:01PM, the 30-share Sensex was down 184 points at 28,938 and the 50-share Nifty was down 59 points at 8,737.
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In the broader market, both the BSE Midcap index, down 0.1 % and Smallcap index, down, 0.2%, have performed marginally better than the front-liners. Market breadth in BSE is negative with 1,408 declines against 1,200 advances.
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.
Buzzing Stocks
6 out of the 12 sectoral indices of BSE are in red. BSE Bankex has declined over 2% and is the top loser followed by BSE Realty index, down 1.3% and BSE Healthcare index, down 0.8%.
Shares of Sesa Sterlite have gained over 4% to Rs 205 on the BSE after iron ore prices bounced back. Chinese iron ore futures rebounded on Tuesday and were on course for their second-biggest daily gain this year, with traders saying some steel mills had made a surprising return to the market, sensing that ore prices might be near the bottom.
RIL has gained 1.7% after the company announced its plan to apply for a payment bank license in partnership with SBI.
Oil shares were trading higher after the sharp rebound in global crude oil prices. ONGC has gained around 2%.
Tata Motors is up 1.7% 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.
ITC has gained over 1% while other FMCG major HUL has gained around 0.5%.
Financials are under pressure in today’s session after the central bank maintained status quo on key interest rates. HDFC is down arouind 3%, Axis Bank has declined around 4%, SBI is down 2%, ICICI Bank is down 1.5% and HDFC Bank has declined around 1.7%. According to media reports, HDFC Bank is expected to sell shares worth up to Rs 10,000 crore ($1.6 billion) as early as this week, with an offering that will include overseas and domestic stock.