The markets remain choppy after the policy review by the Reserve Bank of India. The Sensex is up 10 points at 19,658 and Nifty is down 3 points at 5888.
The RBI has decided to keep the key rates unchanged that is the repo rate and reverse repo rates would continue at 6.25% and 5.25% respectively, Cash Reserve Ratio (CRR) is also kept unchanged. The central bank also anounced to cut the SLR to 24% from its earlier level at 25%. The SLR reduction will be in effect from December 18. Meanwhile the RBI has projected the GDP growth for FY 11 at 2.5%.
The Banking stocks have gained on back of this positive development, The BSE banking index- Bankex is trading near the day's high at
12,912 up 1.49% or 189 points.
Meanwhile, Wipro continues to remain the top gainer among the Sensex stocks trading at Rs 470 up 2.93% followed by TCS, Infosys, Bharti Airtel and ICICI Bnak up more than 1.1% each. On the other hand Mahindra & Mahindra, Tata Power, BHEL, Bajaj Auto, Sterlite Industries and Jindal Steel are among the losers down more than 1.5% each.
On the sectoral charts BSE IT index continues to lead the rally followed by Bankex and Realty indices up more than 1% each.
Auto, consumer durables, capital goods, and power stocks continue to reel under the selling pressure. The Auto index is down 1.3% or 132 points at 9741 followed by consumer durables (down 0.94%) and capital goods indices (down 0.90%).
Wipro is the top gainer among the IT stocks, trading at Rs 470 the stock has added 2.7%. Infosys, TCS, Oracle Financial and Mphasis are also among the gainers trading higher by more than 1.5% each. Among the bsnking stocks IDBI Bank leads the rally followed by Canara Bank, ICICI Bank, Bank of Baroda, State Bank of India and Yes Bank up more than 1.6% each.
Mahindra & Mahindra is the top loser among the auto stocks down 3.2% at Rs 782 followed by Bajaj Auto, Tata Motors, Maruti Suzuki and Ashok Leyland down more than 0.3% each.
The broader markets are also looking flat with mid-cap index adding 6 points at 7549 and small-cap index is up 16 points at 9156.
