The Reserve Bank of India in its first bi-monthly policy statement for financial year 2019-20 has cut repo rate by 25 bps to 6 percent. MPC has kept the stance unchanged at neutral.
The rate cut is on expected lines as the market has already priced in the interest rate cut. Dalal Street after trading on a flat to positive note in the morning session has turned red with Nifty trading at 11,614, down 29 points while the Sensex is lower by 112 points and is trading at 38,764.
At 12:05 hrs, rate-sensitive sectors including Auto, Bank and the Real Estate space are trading mixed with Bank Nifty in red while the auto and real estate sectors are trading on a positive note.
From the banking space, the top gainers are Federal Bank, Axis Bank and Kotak Mahindra Bank while the biggest drag is YES Bank which shed over 2 percent followed by IndusInd Bank, PNB, RBL Bank, IDFC First Bank and ICICI Bank.
Nifty Auto has added half a percent led by Hero Moto, Bajaj Auto, Exide Industries, Tata Motors, Maruti Suzuki and TVS Motor Company.
On the losers’ side, the top names included Eicher Motors, Mahindra & Mahindra, Bosch and Amara Raja Batteries.
From the real estate space, the top gainers included Godrej Properties, Phoenix Mills, Prestige Estates and DLF while the top losers are Indiabulls Real Estate, Oberoi Realty, Sobha and Sunteck Realty.
Oil & gas stocks are down with loses from Reliance Industries, BPCL, GAIL India and ONGC.
From the metal space, the top losers are Hindalco Industries, SAIL, Tata Steel, Jindal Stainless, JSW Steel and Hindustan Copper.
India VIX was up by 0.59 percent at 18.89 levels.
The top Nifty gainers include Indiabulls Housing Finance, Hero MotoCorp, UltraTech Cement, Asian Paints and Bharti Airtel while HCL Tech, Hindalco, YES Bank, BPCL and Reliance Industries are the top losers.
The most active stocks are Indiabulls Housing, YES Bank, reliance Industries, Maruti Suzuki and State bank of India.
Bil Energy Systems, Jai Balaji Industries, MT Educare, Seamec and Spacenet Enterprises hit 52-week high on NSE while Cox & Kings, Vodafone Idea, Reliance Communications and Uttam Value Steels hit new 52- week low.
The breadth of the market favoured the declines as 582 stocks advanced and 1,077 declined while 420 remained unchanged. On the BSE, 858 stocks advanced, 1254 declined and 139 remained unchanged.
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