Tuesday, January 29, 2008

Indian Market slips after RBI holds rates

The 30-share benchmark index after trading in the positive, slipped into the negative on the back of selling pressure in pivotal stocks. It touched an intraday low of 17,927.92.

YV Reddy, Governor of the Reserve Bank of India (RBI) decided to keep all key rates unchanged at a policy review on Tuesday. Bank rate and CRR is kept unchanged at 6.0% and 7.5% respectively. The central bank left all other rates steady as well.

BSE Sensex was last trading at 18,035.98, down 116.80 points, or 0.64%, while NSE Nifty was trading at 5,304.65, up 24.95 points (12.56 p.m.).

BSE Midcap dipped 0.05% and BSE Smallcap dipped 0.39%.

Out of the total 2,695 stocks traded at the BSE, 1,267 advanced, 1,383 declined while 45 remained unchanged.

Among the sectoral indices, BSE Auto declined 0.87%, Bankex shed 3.84%, FMCG was up 1.88%, IT inched up 1.50%, Power dipped 0.07% and Realty fell 1.54%.

Gainers at the BSE were Infosys, which inched up 3% to Rs 1,489.80, Grasim rose 2.76% to Rs 3,029.00 and Cipla rose 2.76% to Rs 189.70. ITC, M&M, Tata Steel, Ambuja Cement, Ranbaxy and Wipro also rose.

Laggards at the BSE Sensex include ICICI Bank, which plunged 5.39% to Rs 1,205.05, Bajaj Auto shed 4.45% to Rs 2,350.00 and Maruti was down 4.23% to Rs 826.10. HDFC Bank, Bharti Airtel, SBI and L&T were among the other losers.

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