 "Nifty holds 7,900 amid profit booking")
Markets closed lower as investors booked profits at attractive valuations with financials leading the decline after RBI decided to announce methodology to calculate base rates in order to make sure that banks pass rate cut benefit to the customers.
Provisionally, the Sensex fell 52 points to end at 26,118 and the Nifty shed 24 points to close at 7,931.
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(updated at 3:30 PM)
Markets are witnessing profit booking at attractive valuations with financials leading the decline after RBI decided to announce methodology to calculate base rates in order to make sure that banks pass rate cut benefit to the customers.
Provisionally, the Sensex fell 52 points to end at 26,118 and the Nifty shed 24 points to close at 7,931.
___________________
(updated at 3:30 PM)
Markets are witnessing profit booking at attractive valuations with financials leading the decline after RBI decided to announce methodology to calculate base rates in order to make sure that banks pass rate cut benefit to the customers.
By 1:10 pm, the Sensex was lower by 106 points at 26,063 and the Nifty dipped 40 points at 7,915.
Meanwhile, participants are eyeing the review meeting of the European Central Bank (ECB) and the Organization of Petroleum Exporting Countries’ (OPEC) summit on Friday.
Socks in limelight
The top gainer of the hour is Tata Steel. The stock gained 3% after its unit incorporated in Singapore TS Global Holdings signs agreements with a group of 16 mandated lead arrangers for $1.5 billion of loan facilities. Group of banks include Australia and New Zealand Banking Group, Axis Bank, Bank of America, BNP Paribas, HDFC Bank, ICICI Bank, Citigroup Global, Standard Chartered, among others. Meanwhile, Vedanta and Hindalco have added between 1-3%.
Another sector that continues shine is the auto sector on the back of robust sales numbers. Maruti, Hero Motocorp, Bajaj Auto and M&M surged between 0.1-1%.
Two prominent gainers in the Sensex 30 pack are ONGC and RIL up 0.5% each. International oil and gas consultant DeGolyer & MacNaughton (D&M) on Tuesday gave its final report on the dispute between ONGC and RIL, establishing natural gas — believed to be worth Rs 11,000 crore.
On the flip side, shares of capital goods companies L&T and BHEL are trading lower between 0.3-1% on the back of disappointing PMI numbers touching a two year low.
In the financial space, SBI, ICICI Bank, HDFC twins and Axis Bank have shed between 0.3-1.5%.
Among other notable losers are Infosys, HUL and Bharti Airtel slipping between 0.5-1.5%.
