RBI move pushes Nifty towards 6100, Axis up 4.1%

Moneycontrol Bureau

Markets made a smart recovery and yields softened marginally after the Reserve Bank of India announced a 25 bps cuts each in repo and CRR.

Nifty made a turn towards 6100 and rate sensitives reacted in response to the rate cut move. At 11.15 AM, the Sensex was up 19.55 points at 20122.90, and the Nifty gained 13.45 points at 6088.25.

Banks were trading up with SBI gaining 0.56 percent followed by marginal rise in Kotak Mahindra Bank, ICICI Bank and HDFC. Axis Bank leapt 4.11 percent, however, much of the gain was due the QIP book launched yesterday. HDFC Bank was the top loser registering 1.13 percent cut.

In the realty space, Shobha Developer and Oberoi Realty jumped 2.65 pecent and 2.40 percent respectively, while DLF and Pantaloon inched up marginally. After losing for a few consecutive sessions, HDIL moved up 1. 25 percent.

Cipla, Tata Power, Hero MotpCorp, Bharti Airtel and Jindal Steel were the top gainers on the Sensex gaining around 1 percent each.

In the midcap sapce, Persistent Systems was trading with 2.64 percent gains after losing in yesterday's session. Other midcap gainers include Amara Raja Batteries, Shree Renuka and Fresenius Kabi.