MUMBAI (Commodityonline): Indian bourses opened positive amid strong global cues. Indices extended gain led by Oil & Gas, Auto and Pharma stocks. On the other hand IT stocks witnessed selling pressure in opening session. Indices remained choppy and range bound ahead of RBI monetary policy review.
RBI kept key interest rate unchanged as per markets expectation. RBI also left CRR unchanged at 6%. RBI governor D. Subbarao said that down side risk of growth has increased. But relived some tension by saying further rate hikes may not be warranted.
Indices succumbed in closing session after RBI's inaction against degrowth. Heavy selling was witness across the board. Indices made fresh 52 week low. NSE Nifty index close below 4700 for first time since 2009. Both benchmark indices plunged over 2% in today's session while lost over 4.5% this week.
Markets breadth remained extremely bearish. Midcap and Smallcap indices cloed with loss of 1.7% and 1.6% respectively. Capital Goods stocks punished most in today's session.
BSE Sensex closed at 15491.35 with the loss of 345.12 points and at NSE Nifty closed at 4651.60 with the loss of 94.75 points at the end of the day. BSE Midcap index closed at 5277.27 with the loss of 92.34 points and BSE Smallcap index closed at 5688.39 with the loss of 92.65 points.
In percentage term key losers were Larsen & Toubro Ltd (NSE: LT), Axis Bank Ltd (NSE: AXISBANK) and Punjab National Bank Ltd (NSE: PNB) while key gainers were GAIL (India) Ltd (NSE: GAIL), Dr. Reddy's Laboratories Ltd (NSE: DRREDDY) and Cipla Ltd (NSE: CIPLA).
On sectoral front all the sectoral indices closed in red. Major selling was seen in Capital Goods, Realty, Banking & Financial, Metal, Oil & Gas and FMCG sectors. Markets breadth on BSE remained negative were 797 advances against 1965 declines stocks.
From the perspective of weight in Nifty key losers were Reliance Industries Ltd (NSE: RELIANCE), Larsen & Toubro Ltd (NSE: LT) and HDFC Bank Ltd (NSE: HDFCBANK) while key gainers were Infosys Ltd (NSE: INFY), GAIL (India) Ltd (NSE: GAIL) and Dr. Reddy's Laboratories Ltd (NSE: DRREDDY).
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