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Sensex Opens Higher; Banking Stocks Flat After RBI Policy
Benchmark indices opened the day flat, with most Asian markets taking a breather after a good rally this week.
Shares in NMDC rallied after reports that the company will buy back as much as 25 per cent of the outstanding shares. MOIL also rallied on hopes of a buyback at the company.
The buyback is largely to help boost government coffers, as large amount from these buyback would accrue to the government.
Tata Motors once again saw buying action after the company reported a good jump of 18 per cent in JLR sales.
HDFC Bank was trading marginally higher after the bank reduced its one-month marginal cost lending rate (MCLR) to 8.95 percent from 9 percent and cut its two-year MCLR to 9.20 percent from 9.25 percent.
Most PSU banking stocks were trading steady, following the RBI Policy. The country's largest lender State Bank of India saw some profit booking and was trading 1 per cent lower, after a spectacular 4 per cent rally on Tuesday. ICICI Bank was also lower after a similar rally seen on Tuesday, following the RBI policy.
Meanwhile, markets across Asia were trading with marginal losses with the Hong Kong's Hang Sang and the Japanese Nikkei down.
The Indian rupee opened at 66.73 to the US dollar.
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