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Markets steady after RBI policy shock
On Monday, markets reacted negatively to the Reserve Bank of India's decision to keep repo rates and CRR unchanged. Banking stocks plunged after the reports as the marketmen had expected atleast a 25 basis points cut in the repo rate. Also, the Fitch Ratings revised downwards its India outlook to negative from stable reflecting increasing risk.
Investors were also cautious ahead of the two -day meet of the Federal Reserve beginning on Tuesday where there was increased optimism over further Monetary Easing.
The Sensex was trading at 16,769 points, higher by 61 points and the Nifty was seen trading at 5,075 points, higher by 11 points at 9.30 am IST.
On the sectoral front on BSE, all the sectors were trading positively, except Power, IT and TECk.
The gainers in morning trade were Tata Motors, Jaiprakash Associates, Sesa Goa and Sterlite Industries.
Stocks that failed to lure investors in early trade were Ambuja Cements, ACC, Infosys and Cairn India.
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