The markets have lost considerable ground in the afternoon session. The Sensex has shed more than 100 points from its intra-day highs and is now quoting at 17,439, up 38 points and the Nifty is at 5,220, up 16 points.
Rate-sensitive stocks continue to hog the limelight in the backdrop of the rate hike. The Central Bank hiked the CRR by 25 bps to 6% from 5.75%, reverse repo rate by 25 bps to 3.75% from 3.5% and repo by 25 bps to 5.25% from 5%, while analysts were expecting a 25-50 basis points increase in the short-term and CRR rates. SBI has strengthened by 2.6% at Rs 2085, DLF has appreciated by 2.5% at Rs 324 and Tata Motors has added 2% at Rs 791. Reliance Infra, ICICI Bank and Maruti are the othe significant gainers.
On the other hand, the IT sector is seeing selling pressure after the gains registered post the Infosys results. TCS has weakened by 2.3% a Rs 792, Wipro has shed 0.9% at Rs 697 and Infosys has lost 0.9% at Rs 2727. And index heavyweight RIL has inched lower by 0.4% at Rs 1057.
The BSE market breadth is positive though. Out of 2,929 stocks traded on the BSE, there are 2,043 advancing stocks as against 807 declines.
