After repo rate cut by the Reserve Bank of India the Indian markets came under pressure and slipped to day's low level amid selling seen in the banking, auto, FMCG and metal stocks.
The Sensex is down 312.25 points at 37794.62, while Nifty is down 103.30 points at 11210.70.
The Reserve Bank of India’s monetary policy committee on October 4 slashed rates by 25 bps, and kept the stance accommodative to revive growth in Asia's third-largest economy.
The central bank slashed policy rates for the fifth time in a row in line with expectations. Consequently, the rate cut totals to 135 bps in 2019 and the repo rate stands at 5.15 percent now.
Nifty Bank index is down over 2 percent, trading below 28,000 level led by selling in Federal Bank, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank. Only 3 stocks of Nifty Bank are trading in green.
In the auto sector, Bharat Forge, Bajaj Auto, Bosch, Eicher Motors, Maruti Suzuki, Tata Motors and TVS Motor are trading lower.
On the other hand IT stocks are trading higher led by the TCS, Tech Mahindra, Wipro and Infosys.
Real estate stock are also trading lower led by the HDIL, DLF, Godrej Properties, Prestige Estate, Sobha and Unitech.
120 stocks touched 52-week on the NSE including Nagarjuna Fertilizers, Orbit Exports, Jet Airways, Indiabulls Real Estate, Gammon Infrastructure, HDIL, Coffee Day Enterprises and Cox & Kings.
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