Sensex down 160 points, Banking stocks weigh Analysis for Apr 07, 2015

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The key domestic benchmark indices extended losses during the noon trading session owing to selling pressure in rate sensitive stocks after the Reserve Bank of India kept the repo and reverse repo rates unchanged at 7.5 and 8.5 per cent each respectively at its policy meet today. The 30-share benchmark index was down by 160 points, while NSE Nifty fell 53 points on accentuated selling pressure by both funds and retail investors. The Reserve Bank Governor Raghuram Rajan on Tuesday held repo rate unchanged at 7.5 per cent, as expected. A status quo on interest rate was anticipated because Rajan had earlier this year announced back-to-back repo cuts, both times outside the policy meetings. Sentiments were further spooked after RBI"s governor, in its policy stance and rationale, underscored that policy moves were data dependent.

At 1:23PM BSE SENSEX was at 28345.2, down by 159.26 points or by 0.56 per cent, while the NSE Nifty was at 8606.4 down by 53.5 points or by 0.62 per cent.

The BSE MIDCAP was at 10903.05, up by 33.23 points or by 0.31per cent, while the BSE SMLCAP was at 11362.7 up by 63.4 points or by 0.56 per cent.

The BSE Sensex touched an intraday high of 28641.08 and an intraday low of 28274.36, while the NSE Nifty touched an intraday high of 8693.6 and an intraday low of 8586.85.

The top gainers of the BSE Sensex pack were Bajaj Auto Ltd. (Rs. 2082.15,+2.50%), NTPC Ltd. (Rs. 155.50,+2.40%), Tata Steel Ltd. (Rs. 324.15,+1.92%), Sesa Sterlite Ltd. (Rs. 194.40,+1.59%), Tata Power Company Ltd. (Rs. 78.15,+1.43%), among others.

The top losers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 555.05,-2.20%), Sun Pharmaceutical Industries Ltd. (Rs. 1145.20,-1.99%), Hero MotoCorp Ltd. (Rs. 2629.00,-1.60%), Axis Bank Ltd. (Rs. 560.45,-1.42%), Cipla Ltd. (Rs. 725.00,-1.35%), among others.

Among the sectors, In BSE, BSE_CDS index was at 10756.96 up by 81.92 points or by 0.77%. Whirlpool of India Ltd. (Rs. 781.55,+5.33%), PC Jeweller Ltd. (Rs. 336.90,+2.35%), Bajaj Electricals Ltd. (Rs. 238.60,+1.84%), Titan Company Ltd. (Rs. 405.60,+0.66%),.

On the flip side, In BSE, BSE_Bankex index was at 21126.57 down by -231.46 points or by -1.08%. Kotak Mahindra Bank Ltd. (Rs. 1376.85,-1.60%), Axis Bank Ltd. (Rs. 560.45,-1.42%), IndusInd Bank Ltd. (Rs. 904.00,-1.33%), ICICI Bank Ltd. (Rs. 317.35,-1.23%), State Bank of India (Rs. 271.45,-1.13%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2704 shares traded, 1362 shares advanced, 1214 shares declined while128 remained unchanged.

Story first published: Tuesday, April 7, 2015, 13:48 [IST]
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