May 03, 2013, 06.46 PM | Source: Moneycontrol.com
Investors seem to be on selling mode today as the Nifty slipped closer to 5950 led by rate sensitives.
Investors seem to be on selling mode today as the Nifty slipped closer to 5950 led by rate sensitives. The Reserve Bank of India delivered its policy in line with street estimates. It has slashed the repo rate by 25 basis points to 7.25 percent and left cash reserve ratio (CRR) unchanged at 4 percent. However, the tone was hawkish and the central bank warned there is ‘little space’ for further monetary easing.
The Bank Nifty lost 2.5 percent while BSE Bankex was down 2.4 percent. Other rate sensitives like BSE Realty index (down 1.4 percent), BSE Auto (down 1.5 percent) too lost investors’ confidence.
However, metals, technology and capital goods stocks were on buyers’ radar.
The midcap index (down 0.3 percent) saw smaller cuts as Canara Bank, Allahabad Bank And Karnataka Bank were down 3-4% each. GMR Infra fell 2.1 percent while HDIL was down 1.2 percent.
Tata Motors (down 3.8 percent), SBI (down 3.6 percent), ICICI Bank, GAIL and Bajaj Auto were the major losers in the Sensex.
Meanwhile, Jindal Steel, Hindalco, Tata Steel, Sun Pharma and Sterlite were the top gainers of the day.