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It’s a negative close for the market for second consecutive session as investors reacted to the stance on interest rates by the Reserve Bank of India. The Monetary Policy Committee (MPC) kept interest rates unchanged, but sharply cut the inflation targets for October-March.
However, equity benchmarks are off their low points as the Sensex had cracked over 300 points, while the Nifty tested 10,750-mark.
Selling was visible across all major sectors, with automobiles, banks, consumption, infrastructure, metals and pharma ending in the red. The Nifty Midcap was down over a percent.
At the close of market hours, the Sensex was down 249.90 points or 0.69% at 35884.41, while the Nifty was lower by 80.20 points or 0.74% at 10789.30. The market breadth was negative as 799 shares advanced, against a decline of 1,744 shares, while 145 shares were unchanged.
HUL and HDFC were the top gainers, while Sun Pharma, Tata Steel, and Hindalco lost the most.
HEADLINES OF THE DAY
REC has reported a net profit of Rs 1,764 crore for the September quarter against Rs 1,408 crore posted during the same quarter of last year.
RBI MPC meet outcome highlights:
- Repo rate unchanged at 6.5%
- CPI inflation has been projected at 2.7-3.2% for October-March
- FY19 GDP growth target maintained at 7.4%
- October-March GDP Growth Forecast at 7.2-7.3%
The repo rate has been unchanged at 6.5 percent.
The Indian rupee is trading flat at 70.48 per dollar against previous close of 70.49.
Dilip Buildcon Ltd fined Rs 33.78 cr for excavation work in Maharashtra.
The crucial resistance for Nifty spot is now seen at 10920 and above this 11200 Support for the immediate term is now placed at 10650 next support will be 10540.
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