There was sell off in Reliance Industries, that pushed the equity benchmarks closer to previous day's closing value.
Additionally even IT stocks TCS, Wipro, and HUL along with BHEL added pressure to the market.
Heavyweight Reliance Industries fell over 1%. Wipro and HUL, which were down nearly 3%, too added more pressure on the market.
Largecaps like ONGC, NTPC and Tata Motors surged 4.5-7%. SBI, Sterlite and Power Grid gained 2.5-3.5%. HDFC, L&T and ICICI Bank too were helping the market to stay in green, which rose 1% each.
Among sectoral indices, only FMCG, IT and TECk were the ones that ended in negative.
Markets maintains its gain. Sensex up by 0.95%
Markets gains further and are trading near their day-high. NSE Nifty was trading with gains of 41.25 points or 0.81% at 5,116.95, and BSE Sensex was moving around 17,036.99 levels with gains of 160.45 or 0.95% gain.
Among the sectoral indices Auto index was the best performing with gains of 1.71% gain followed by Capital Goods at 1.41%. Oil & Gas, Metal, power, Realty, Bankex, Health Care, consumer durables gained between 0.22%-1.41%. However, IT, TECk and FMCG sectoral indices fell by -0.16, -0.16% respectively.
The most active stock on the NSE is SRS which fell by 40% on its first day of trade.
Among the Sensex stocks, Tata Motors gained the most with 6.42% and ONGC with 5.07%. Meanwhile, Hindustan Unilever and Tata Steel fell 1.72% and 1.29% respectively.
Markets stable despite RBI rate hike. Nifty at 5,087
The stock markets saw a sharp fall after RBI announcement of credit rate hike, reflecting profit-booking at some counters. But in less than 15 minutes it gained again and was stable. The stock was was back on positive side. The indices were moving range bound.
The Nifty was trading at 5,087.50 levles with gains of 11.80 points or 0.23%. At the same time Sensex was up by 65.54 points reflecting gain of 0.39% at 16,942 levels.
The stock market participants and the businesses were expecting an increase of 25 basis points, and the RBI did not spring up any surprise on this its side. It announced an increase in rate by 25 basis points to 8.25% in order to quell inflation.
with rupee depreciating and no sign of inflation abating, there is a possibility that the RBI will hike the rates in coming months again.
The sell-off in Bharti Airtel, Infosys, HUL, BHEL has limited the upside.
Consistent buying in cement, select financial, power, metal, and few healthcare stocks helped the benchmarks.
ONGC and Tata Motors maintained their top position in the buying list. Former one rallied nearly 6% post postponement of FPO by government and later one gained 5% due to rise in sales volume of Jaguar and Land Rover.
Markets following global trend. Sensex up by 146 points
On the last trading date of the week, the stock market opened on the positive side ahead of the Reserve bank of India's mid-quarter policy review.
On the hopes that there will be a coordinated central bank action on both sides of the Atlantic ensured that stock market in US went up for the fourth consecutive day. This also helped the Sensex reach the 17k Mark.
The NSE NIFTY rose to 5,112.20 by 36.50 points or 0.72%. Meanwhile, BSE Sensex went up by 146 points or 0.87% to 17,022.64.
After a section of the media repoted that the government may delay the launch of ONGC FPO by 15 days or more, the stock price went up.
Of the Nifty stocks, ONGC was the biggest gainer with 6.64% followed by Tata Motors, that increased by 4.46% as JLR sales in August increased. Then in line were Tata Power with 2.50%; Sterlite 2.54% and HIndalco 2.23%.
Among the nifty stock, the losers were Infosys (-0.86), Maruti (-0.72%).
Hike in petrol prices also pushed the share price of oil marketing companies. But this led to fall in share price of airlines companies.
Newly listed stock SRS slide by 12% to Rs 51 as against issue price of Rs 58 per share.