March 22, 2018

Nifty holds on to 10100-mark ahead of RBI decision

05 December 2017, 04:05 | Lucia Cruz

Traders keep close track of stocks at the Bombay Stock Exchange headquarters

Sensex Nifty tumble after RBI keeps status quo banking stocks most hit

The RBI's two-day monetary policy review kicks off today and the decision is due tomorrow. "It is expected central bank to keep interest rates on hold for a prolonged period starting with its policy meeting on concerns of rising inflation", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Trading mood was also impacted as Fitch Ratings on Monday cut the country's gross domestic product growth forecast for the current fiscal to 6.7% from the earlier projected 6.9%.

The Sensex touched a high of 33,008.47 and a low of 32,785.76.

Market observers said the losses were trimmed by good buying in stocks of banking majors like State Bank of India and Kotak Bank, and index heavyweights like Reliance Industries.

According to provisional data, foreign funds had bought shares worth Rs 306.11 crore on Friday.

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Vinod Nair, Head of Research, Geojit Financial Services, said: "After a subdued trade, the market reversed from day's low led by banking stocks".

Major losers that dragged down the key indices include Adani Ports, NTPC, Tata Steel, Power Grid, Bajaj Auto, Wipro, Coal India, Hero MotoCorp, HDFC Bank, ONGC, L&T, Dr Reddy's and SBI.

Among the sectoral indices on BSE, power and metal indices slipped 1.06 per cent and 0.85 per cent. Telecom, Bankex and oil & gas indices closed higher by 0.83 per cent, 0.38 per cent and 0.16 per cent, respectively.

Asian markets retreated, with Japan's Nikkei falling 0.37%, Hong Kong's Hang Seng declining 1.01% and Shanghai Composite Index finishing 0.18% lower.

The Nifty mid-cap index rose by 0.03 per cent, while small-caps fell 0.25 per cent.

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