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Jun 19, 2012, 12.28 PM IST
Indian equity benchmarks continued to move around previous closing values, which seemed to be indicated that the market priced in RBI's rate status quo and Eurozone concerns.
The BSE benchmark rose 17.54 points to 16,723.37 while the NSE benchmark went down 0.9 points to 5,063.35. Even the broader markets were flat.
Cigarette major ITC rallied 2% while index heavyweights Reliance Industries and Larsen & Toubro moved up 0.5% each.
State-owned oil & gas producer ONGC climbed 0.8% and top commercial vehicle maker Tata Motors was up 0.6%.
Country's largest software services exporter TCS and top telecom operator Bharti Airtel went up just 0.3%.
However, India's largest lenders State Bank of India, ICICI Bank and HDFC Bank were down 0.5-1% after the Reserve Bank of India kept cash reserve ratio and policy rates unchanged yesterday at its mid-quarter policy review. The central bank disappointed the street because street was expecting at least 25 basis points cut in repo rate or CRR.
Infosys dropped 1.6% on reports that the company may reduce its guidance due to currency volatility.
Among others, shares of Sterlite Industries, BHEL, NTPC, Tata Power, Coal India and Maruti Suzuki slipped 0.6-1.6%.
Globally every market is eyeing for situation in Eurozone after Greek's elections and statement from Federal Reserve tomorrow.
Even though Greece held the world economy hostage this weekend, Jim O'Neill, Chairman of Goldman Sachs says, he was reasonably sure that the financially foundering nation would not exit the Eurozone.
According to O'Neill, the case for a Fed easing in the FOMC meet is quite strong right now. However, he feels, the Fed may choose to keep its "powder dry" for 2012-end.
The BSE Sensex bounced back on Tuesday amid choppy trade, after a fall of 244 points yesterday. Most beaten down stocks were on buyers' radar, but the fall in Infosys and SBI capped the upside.
May 25 2013, 16:36
- in Technicals
May 25 2013, 16:36
- in MARKET OUTLOOK