Banking, realty and auto stocks fell amid profit booking

Interest-rate sensitive banking, realty and auto stocks came under strong selling pressure as profit booking emerged after the Reserve Bank today surprised markets by reducing the benchmark interest rate by 0.25 per cent to 7.5 per cent.
Among bank scrips, Punjab National Bank tumbled 2.78 per cent, Axis Bank was down 3.19 per cent, and Bank of India fell by 3.36 per cent on the BSE.
Shares of Canara Bank went down by 2.38 per cent, Yes Bank lost 2.34 per cent, SBI (2.82 per cent) and HDFC Bank (1.58 per cent).
Two banking majors ICICI Bank and Kotak Mahindra Bank defied the broader market trend and settled in the positive zone with gains of 0.03 per cent respectively.

Led by losses in these stocks, the BSE banking index fell by 1.77 per cent to end at 22514.88 points.
Among realty scrips, HDIL plunged 1.64 per cent, Anant Raj by 0.76 per cent, Indiabulls Real Estate by 0.52 per cent and Unitech by 1.75 per cent.

Meanwhile, DLF settled in the positive zone with gains of 1.95 per cent.
Auto stocks also faced selling pressure with M&M falling by 1.95 per cent and Maruti by 1.07 per cent. Shares of Bajaj Auto however gained 0.28 per cent.
The Reserve Bank today surprised markets by reducing the benchmark interest rate by 0.25 per cent to 7.5 per cent on the back of softening inflation and the government's commitment to continue the fiscal consolidation programme.

Soon after the rate cut announcement, the BSE Sensex soared to the historic 30,000-mark in opening trade. At the end of today's trading session. The BSE benchmark index Sensex was quoted at 29,380.73, down 213.00 points or 0.72 per cent.