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RBI disappoints mkts; Sensex drops 122 pts

Bombay Stock Exchange, Sensex

Mumbai: Extending losses for the third straight day, benchmark BSE Sensex today slipped by 122 points to close at 29,000.14 as RBI keeping interest rate unchanged disappointed investors.

Interest rate sensitive realty and baking stocks bore the brunt of selling after the Reserve Bank of India left repo rate unchanged at 7.75 per cent, but cut SLR by 0.50 per cent to 21.50 per cent. Markets were expecting the central bank to continue the rate cut cycle after it surprisingly cut rate by 0.25 per cent a fortnight ago.

BSE Bankex plunged by by 2.61 per cent, while realty slumped 1.43 per cent.

The 30-share index was up 130 points higher in early trade ahead of RBI policy announcement but shed the gains to trade below 29,000 level.

It finally settled at at 29,000.14, showing a loss of 122.13 points or 0.42 per cent from its previous close.

The Sensex has lost 681.63 points or 2.30 per cent in the three days.

The NSE Nifty also fell by 40.85 points or 0.46 per cent to finish at 8,756.55.

“Markets showed its disappointment on the outcome of monetary policy by trimming the day’s gains,” said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio.

Meanwhile, foreign portfolio investors sold shares worth a net Rs 629.97 crore yesterday, as per provisional data from stock exchanges.

Of 30 Sensex stocks,16 ended lower while 14 others finished higher.

Axis Bank 4.95 pc was the biggest loser. Tata Power lost 4.12 pc, Bajaj Auto 3.74 pc, M&M 3.52 pc, HDFC 2.98 pc, Cipla 2.52 pc.

However, SSLT rose by 6.23 pc, Bharti Airel 3.42 pc, Reliance Ind 3.25 pc and ONGC 2.64 pc.

Among the BSE sectoral indices, healthcare fell by 0.92 pc and auto 0.66 pc while FMCG rose by 1.06 pc, Metal 0.80 pc and Consumer Durable 0.50 pc.

The total market breadth turned negative as 1,531 stock ended in the red, 1,332 closed in the green and 118 ruled steady. Total turnover rose to Rs 4,737.88 crore from Rs 4,201.09 crore yesterday.

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