Markets Firm As RBI Maintains Status Quo On Key Rates

Indian equity benchmarks continued to trade firm during the late morning deals on Tuesday as the Reserve Bank of India maintained status quo in its second bi-monthly monetary policy meet on Tuesday, keeping the repo rate unchanged at 6.50 per cent and CRR at 4 per cent.

At 11:10 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26869.88, up by 92.43 points or 0.35 per cent while the NSE Nifty was at 8227.45, up by 26.4 points or 0.32 per cent.

Markets Firm As RBI Maintains Status Quo On Key Rates
Sensex28,091.42Sensex Quote-87.66 [0.31%]
Nifty8,691.30Nifty Quote-17.65 [0.20%]

Buying momentum was witnessed mainly in the FMCG, banking and auto sector stocks.

The top gainers of the BSE Sensex pack were State Bank of India (Rs. 203.30,+2.14%), ICICI Bank Ltd. (Rs. 248.00,+1.91%), Hindustan Unilever Ltd. (Rs. 889.60,+1.20%), Mahindra & Mahindra Ltd. (Rs. 1381.60,+0.88%), Hero MotoCorp Ltd. (Rs. 3129.00,+0.87%), among others.

Major show spoilers were Axis Bank Ltd. (Rs. 528.45,-1.06%), Adani Ports & Special Economic Zone Ltd. (Rs. 203.10,-0.42%), Dr. Reddy's Laboratories Ltd. (Rs. 3138.95,-0.41%), Housing Development Finance Corporation Ltd. (Rs. 1246.75,-0.40%), Bharti Airtel Ltd. (Rs. 347.70,-0.32%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2298 shares traded, 1310 advanced while 864 shares declined and 124 remained unchanged.

On the global front, most of the Asian markets were trading in the green as Yellen signaled that gradual interest rate tightening remains appropriate even though she stopped short of providing the precise timing for raising interest rates further, potentially putting a June rate hike off the table.

Dion Global Solutions

Read more about: sensex, nifty, rbi, monetary policy
Story first published: Tuesday, June 7, 2016, 11:48 [IST]
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