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Markets end lower as RBI surprises with rate cut; investors eye Fed meet

Markets end lower as RBI surprises with rate cut; investors eye Fed meet
Markets ended the day flat as the Reserve Bank of India (RBI) cut repo rates taking investors and the markets by surprise. The Sensex ended the day lower by 13 points (provisional), while the Nifty lost 10 points in trade.

India's largest passenger car company, Maruti Suzuki slumped despite reporting good numbers after the company said that it expansion of facilities in Gujarat would be done through a 100 per cent subsidiary of Suzuki

The markets were not impressed with the arrangement and the Maruti stock fell 5 per cent. Banking stocks that fell sharply following the RBI move to hike repo rates, gained ground and ended the day flat.

ICICI Bank and Yes Bank ended the day with gains. Software stocks exhibited a weakish trend in trade with notable losers being Infosys, HCL Tech and Wipro.

PSU banks on the other hand saw a weakish trend continuing with notable losers in trade being Canara Bank, IDBI Bank and Bank of India.

Idea Cellular which declared its results after market hours on Monday slumped in trade. On the other hand Hindustan Unilever also fell after its results failed to impress the markets.

Mid cap stocks saw some huge buying interest with notable gainers being Apollo Tyres and Unitech. Meanwhile, Asian markets ended the day mixed with the Shanghai Composite gaining ground, while the Nikkei and the Hong Kong's Hang Sang falling in trade.

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