Markets showed high volatility as the RBI announced a repo rate of 50 basis points, very much in line with expectations.
Major benchmarks, which were wobbly in early trades, rebounded into the positive zone on further gains in financials and some other rate-sensitive topics. However, a fresh round of selling in the second half of the day forced the benchmarks to erase the gains and fall back into the negative zone.
The BSE Sensex tipped in a range of 741 points. The index touched a low of 54,683 and a high of 55,424 before finally settling 215 points lower at 54,892. The NSE Nifty closed at 16,356, down 60 points.
Among Sensex 30 stocks, Tata Steel, SBI, Dr.Reddy’s, Titan, Maruti, Bajaj Finance and Bajaj Finserv ended with notable gains, while Bharti Airtel plunged more than 3%. ITC, Reliance Industries and Asian Paints were the other big losers.
Among the broader market, the BSE Midcap and Smallcap indices also ended with minor losses. The extent was also slightly negative.
At the sector level, the BSE Telecom index lost 1.6%. The Energy and FMCG indices fell 1% each. On the positive side, the BSE Realty Index jumped almost 2%.
Among other individual stocks – MRPL climbed more than 9 percent. The stock has traded at its highest level since October 2018 and has more than doubled in the past two months. READ MORE
Bata India fell 2.5% after the promoter recently reportedly sold 3.6 million shares or 2.8% stake in the footwear company for almost Rs 613 crore through transactions on the Free market. READ MORE