Markets witness weakness; RBI keeps rates unchanged
The market surged in opening trade following strong global cues. Asian markets which opened before Indian market were trading firm today. US markets ended with a spurt on Monday, 28 January 2008.The market wiped-off early gains to post losses after the Reserve Bank of India (RBI) today, 29 January 2008 left key rates – repo rate, reverse repo rate, bank Rate and cash reserve ratio unchanged. The market witnessed high volatility after the RBI decision.
Sensex fell below the psychological 18,000 level, but regained that level shortly as buying emerged at lower levels. Marketmen were expecting a 25 basis points repo rate cut by Reserve Bank of India today following a sharp cut in US interest rates last week.
At 12.10 pm, the Sensex is up 3.51 points or 0.02% at 18156.29, and the Nifty up 11.15 points or 0.21% at 5285.25.
Bajaj Auto declined 4.41% to Rs 2360. It had hit a high of Rs 2449 earlier in the day. It was the top loser from Sensex pack. Among other auto shares, Tata Motors (down 0.59% to Rs 710) and Mahindra & Mahindra (down 0.04% to Rs 686), and Maruti Udyog (down 4% to Rs 826), edged lower
State Bank of India (down 2.10% to Rs 2260, off day’s high of Rs 2350), ICICI Bank (down 4.20% to Rs 1220.25, off day’s high of Rs 1300), and HDFC Bank (down 3.85% to Rs 1524, off day’s high of Rs 1635) slipped.
India’s largest real estate developer DLF was up 0.50% to Rs 897. Omaxe (up 0.57% at Rs 318), Parsvnath Developers (up 0.61% at Rs 297.50), Sobha Developers (up 0.34% at Rs 760) rose
India’s largest cigarette manufacturer by sales, ITC gained 3.26% to Rs 202.75. It was the top gainer from Sensex pack. 6.06 lakh shares changed hands on the counter on BSE
Wipro (up 2.66% to Rs 417), Infosys Technologies (up 3.15% to Rs 1492.20), and Grasim (up 3.14% to Rs 3040), were other gainers from the Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 0.82% to Rs 2583.75, off day’s high of Rs 2622. 3.08 lakh shares changed hands on the counter in early trade on BSE. As per recent reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.
The market may see high volatility ahead of the expiry of January 2008 derivative contracts on Thursday, 31 January 2008.
Sensex fell below the psychological 18,000 level, but regained that level shortly as buying emerged at lower levels. Marketmen were expecting a 25 basis points repo rate cut by Reserve Bank of India today following a sharp cut in US interest rates last week.
At 12.10 pm, the Sensex is up 3.51 points or 0.02% at 18156.29, and the Nifty up 11.15 points or 0.21% at 5285.25.
Bajaj Auto declined 4.41% to Rs 2360. It had hit a high of Rs 2449 earlier in the day. It was the top loser from Sensex pack. Among other auto shares, Tata Motors (down 0.59% to Rs 710) and Mahindra & Mahindra (down 0.04% to Rs 686), and Maruti Udyog (down 4% to Rs 826), edged lower
State Bank of India (down 2.10% to Rs 2260, off day’s high of Rs 2350), ICICI Bank (down 4.20% to Rs 1220.25, off day’s high of Rs 1300), and HDFC Bank (down 3.85% to Rs 1524, off day’s high of Rs 1635) slipped.
India’s largest real estate developer DLF was up 0.50% to Rs 897. Omaxe (up 0.57% at Rs 318), Parsvnath Developers (up 0.61% at Rs 297.50), Sobha Developers (up 0.34% at Rs 760) rose
India’s largest cigarette manufacturer by sales, ITC gained 3.26% to Rs 202.75. It was the top gainer from Sensex pack. 6.06 lakh shares changed hands on the counter on BSE
Wipro (up 2.66% to Rs 417), Infosys Technologies (up 3.15% to Rs 1492.20), and Grasim (up 3.14% to Rs 3040), were other gainers from the Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 0.82% to Rs 2583.75, off day’s high of Rs 2622. 3.08 lakh shares changed hands on the counter in early trade on BSE. As per recent reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.
The market may see high volatility ahead of the expiry of January 2008 derivative contracts on Thursday, 31 January 2008.
Labels: Nifty.Sensex
posted by SY at 12:49 PM
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