The Sensex is once again recovering and is now down just 30 points at 10,950. Earlier in the day, the index opened at 10,765, down 214 points, and was trying to recover before slipping back to lower levels following the RBI credit policy announcement.
The RBI today in its annual credit policy review has cut repo and reverse repo rates by 25 basis points. The central bank, however, has kept the CRR unchanged at 5%.
Tata Motors has declined over 5.5% at Rs 232.
Tata Steel, Sterlite and ICICI Bank have slipped around 5% each at Rs 250, Rs 380 and Rs 407, respectively.
Reliance Infrastructure and SBI are down 3% each at Rs 674 and Rs 1,261, respectively.
Larsen & Toubro, Jaiprakash Associates and Maruti Suzuki have shed over 2% each at Rs 863, Rs 114 and Rs 817, respectively.
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Bharti Airtel, however, has advanced 3% at Rs 709. Hindalco has gained over 2% at Rs 55.
ITC, Tata Power and Grasim Industries have increased over 1.5% each.
The market breadth is negative. Out of 2260 stocks traded so far, 1318 have declined and 860 have advanced.