Sensex, Nifty Fall For Second Day After RBI Holds Rates
Sensex Drops 250 Points, Nifty Ends Below 10,800
Indian equity benchmarks extended declines for second day in a row after the Reserve Bank of India maintained status quo on policy rates and stance.
The S&P BSE Sensex fell 0.7 percent or 250 points to 35,884 and the NSE Nifty 50 Index declined 0.8 percent or 87 points to 10,783. Negative global cues also added to the weak sentiment in India following yesterday’s biggest slide on Wall Street since mid-October.
After raising interest rates twice this year, the RBI kept its repurchase rate unchanged at 6.5 percent as predicted by economists surveyed by Bloomberg. The monetary policy stance also remained unchanged at 'calibrated tightening' even though it cut the inflation projections for the second half of the current fiscal.
All 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal Index's 3.8 percent loss.
Mid- and small-cap shares underperformed their larger peers as both the indices on BSE slumped 1.2 percent each.
Dish TV Struggles Amid Block Deals
- Dish TV has 30 lakh shares change hands in two blocks. Stock down 3.95 percent at Rs 35.45.
Buyers and sellers were not immediately known
Sun Pharma Extends Losses To Third Day; Market Cap Drops Below Rs 1 Lakh Crore
Shares of the country's largest drugmaker fell as much as 7.37 percent to Rs 410.
The stock has been falling since Monday after news agency PTI, citing sources, reported that the Securities and Exchange Board of India (SEBI) is likely to reopen an insider trading case against Sun Pharma.
With today’s fall in stock price Sun Pharma’s market capitalization dropped below Rs 1 lakh crore for the first time since August 2013.
Banks Extend Decline On RBI's Status Quo Policy Decision
Banking shares extended losses after the Reserve Bank of India's monetary policy committee kept rates unchanged.
Rupee Extends Gains After RBI's Policy Decision
Indian rupee extended gains and rose 0.17 percent or 12 paise to 70.38 per dollar after the Reserve Bank of India’s Monetary Policy Committee kept rates unchanged.