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Jul 28, 2009, 06.19 PM IST
It was another extremely volatile day for the benchmark indices ahead of F&O expiry on Thursday. Banking stocks along with HUL, Reliance Industries, Infosys, L&T, Grasim, Idea, ABB, Ranbaxy Labs and Hero Honda witnessed selling pressure.
Credit Policy was the non-event for the markets today, as RBI maintained the status-quo. RBI (Reserve Bank of India) kept the key rates (Credit reserve ratio at 5%, repo at 4.75% and reverse repo rate at 3.25%) unchanged. However, it has increased its growth projections. FY10 GDP has now been maintained at 6% with an upward bias. Inflation continued to be higher on RBI's radar. It is now projected at 5% from the earlier 4%.
Sonal Varma, India Economist, Nomura Financial Advisories & Securities, feels today status quo from RBI suggests they are done with what they had to do on the policy front. "The key question going forward will be how long will it maintain this sort of accommodative or neutral policy environment."
Nilesh Shah, Deputy MD, ICICI Prudential AMC, said the policy was in line with the expectations. Applauding the central bank's efforts, he said, "RBI has been managing the tough economic environment well. It is a policy which is trying to take away the accommodative stance and bring it to neutral gear by letting market forces play out and let the economy gain its own momentum."
The 30-share BSE Sensex lost 43.10 points, to settle at 15,331.94, after seeing an intraday high of 15,463.46 and low of 15,240.53. The 50-share NSE Nifty went close to 4600 and touched an intraday high of 4599.90, before closing at 4564.10, down 8.20 points. It touched a day's low of 4529.15. The Nifty July future ended with 2 points discount (provisional data).
Continued on the next page...
At 13:13 hours IST - the Nifty was extremely volatile in trade. It was trying to hold above the 4550 level amid that choppy trade. Continuous selling in banking stocks, Infosys, Jindal Steel, Maruti, Tata Steel and heavyweight Reliance Industries capped the gains.
At 12:07 hours IST - the Sensex was trading lower with some choppiness. Shares of realty, power and select telecom companies' along with ONGC, Tata Motors and M&M were witnessing buying interest.
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