Elevators travel next to electronic boards displaying stock figures at the National Stock Exchange. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Slip Ahead Of RBI’s Monetary Policy Decision

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Closing Bell

Indian equity benchmarks slipped ahead of the Reserve Bank of India's monetary policy decision.

The Reserve Bank of India will keep the repurchase rate unchanged at 6 percent on Wednesday, according to 40 of 44 economists in a Bloomberg survey. The rest see a cut to 5.75 percent.

The S&P BSE Sensex fell 0.2 percent to 32,802 and the NSE Nifty 50 Index was little changed at 10,118.

Thirteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Power Index's 1 percent fall. On the other hand, the S&P BSE Bankex Index was the top sectoral gainer, up 0.38 percent.

Sensex, Nifty Slip Ahead Of RBI’s Monetary Policy Decision

Setco Automotive Gains For Second Day

The Mumbai-based auto component maker rose for second day in a row after it reported strong earnings in second quarter. The stock rose as much as 11.48 percent intraday to Rs 53.40.

Speaking to BloombergQuint Harish Sheth, CMD of the company expects Setco to clock Ebitda margin of 16-17 percent in coming quarters.

Fab Four Stocks Of The Day

Apex Frozen Foods: The Kakinada-based shrimp manufacturer was locked in a 5 percent upper circuit for a seventh day in a row at Rs 859.15. The stock has gained over 300 percent since it was listed on exchanges earlier this year.

Virinchi: The Secunderabad-based IT services firm was locked in 5 percent upper circuit at Rs 121.30 after it reported earnings.

  • Revenue up 1 percent at Rs 84.6 crore versus Rs 83.9 crore
  • Net profit up 16 percent at Rs 8.1 crore versus Rs 7 crore
  • Ebitda up 9 percent at Rs 15.2 crore versus Rs 14 crore
  • Margin at 18 percent versus 16.7 percent

Bharat Forge: The Pune-based maker of steel forgings for automobile companies rose nearly 4 percent, the most in over a month, to Rs 702 after North America class 8 trucks sales in November rose 68 percent year-on-year to 32,387 units.

Balaji Amines: Shares of the Secunderabad-based chemical maker rose as much as 7 percent to record high of Rs 674.50 after the government of Maharashtra conferred 'Mega Project' status to the expansion being undertaken by the company at MIDC Chincholi in Solapur, Maharashtra.

Nifty Bank Index Rises Ahead Of RBI's Decision

Banking shares helped Nifty move above 10,100. The NSE Nifty Bank Index rose 0.4 percent to 25,176, a day ahead of Reserve Bank of India's decision on monetary policy.

Sensex, Nifty Slip Ahead Of RBI’s Monetary Policy Decision

Market Check

  • Indian equity benchmarks came off intraday lows to trade flat led by gains in Reliance Industries, State Bank of India and ICICI Bank.
  • The S&P BSE Sensex was little changed at 32,838 and the NSE Nifty 50 Index was also little changed at 10,126.
  • Thirteen out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Power Index's 1 percent fall. On the other hand, the S&P BSE Bankex Index was the top sectoral gainer, up 0.4 percent.
  • From the Nifty 50 basket of shares, 30 were declining while 20 were advancing.