look news india
Mumbai: Indian stock markets ended a five-day rally after volatility amid the Reserve Bank of India’s (RBI) decision to keep the repo rate unchanged at 6.50 per cent, but with the benchmark indices increasing the cash reserve ratio (CRR) by half a per cent. was deducted. They were closing marginally lower, however, there was an upward trend in midcap and smallcap. The major cut made by the Reserve Bank in the economic growth rate estimate for the current financial year did not have any significant impact on the stock market. The benchmark Sensex fluctuated between a high of 81,925.91 and a low of 81,506.19, before finally falling 56.74 to close at 81,709.12. While the Nifty 50 index ranged between 24751.05 and 24620.50, it finally fell 30.60 points to close at 24677.80. Nifty Midcap index was up 263.05 at 58704.60. The market trend on BSE was positive. 2372 shares rose while 1625 shares declined. Prices of 91 shares remained unchanged.
Bank stocks see mixed flows after RBI monetary policy announcement
The Reserve Bank on Friday kept the repo rates unchanged but cut the cash reserve ratio, which had a mixed impact on bank stocks. The reduction in cash reserve ratio is expected to increase liquidity of the banking system by Rs 1.16 lakh crore, which is expected to create favorable conditions for banks. Bank of Baroda increased by Rs 4.62 to close at Rs 264.60, Excise Bank increased by Rs 18.15 to close at Rs 1184.55, Canara Bank increased by Rs 1.15 to close at Rs 109.32. IndusInd Bank fell by Rs 7.85 to close at Rs 990.35, Federal Bank fell by Rs 1.57 to close at Rs 213.40, ICICI Bank fell by Rs 7.75 to close at Rs 1328.75.
Ease of getting loans due to increase in liquidity attracts attractiveness of select auto stocks
It is estimated that Rs 1.16 lakh crore will come into the banking system by reducing the cash reserve ratio by the Reserve Bank. Select auto stocks have attracted attraction due to increased liquidity as well as the possibility of getting auto loans at competitive interest rates. Tata Motors rose by Rs 24.25 to Rs 816.80, Exide Ind. It closed by Rs 9.25 at Rs 462.70, TVS Motors by Rs 9.35 at Rs 2521.55, Apollo Tires by Rs 1.35 at Rs 541.80. Bharat Forge fell by Rs 24.45 to Rs 1354.75, Ashok Leyland fell by Rs 0.41 to Rs 232.18.
Metal stocks rise on report of pace of government capex
Institutional investors in metal stocks were encouraged by reports that capital expenditure by the government will pick up in the last half of the current financial year, especially in the infrastructure sector. Capital expenditure slowed down in the initial months of the current financial year due to the Lok Sabha elections. Vedanta rose by Rs 28.90 to Rs 501.40, Jindal Steel rose by Rs 14.65 to Rs 949.10, NMDC rose by Rs 3.50 to Rs 238.66, SAIL rose by Rs 1.42 to Rs 123.89, Tata Steel rose by Rs 1.22 to Rs 148.29. Hind Copper closed at Rs 287.80 with a gain of about Rs 3.
Pressure on IT stocks due to weakening of dollar against rupee: Wipro, Infosys, TCS, Tech Mahindra fall.
Share prices of companies operating in the IT services export sector witnessed a decline due to five paise fall in the dollar against the rupee. Wipro fell by Rs 1.95 to Rs 297.35, Infosys fell by Rs 12.45 to Rs 1922.40, TCS fell by Rs 18.55 to Rs 4445.50, Tech Mahindra fell by Rs 4.15 to Rs 1782.80, HCL Tech fell by Rs 1.30 to Rs 1922.70.
FIIs are net sellers while DIIs are net buyers
Foreign institutional investors (FIIs) bought equities worth Rs 1,2013.83 crore in the Indian stock market on Friday, making net sales of Rs 1,830.31 crore while offloading Rs 1,3844.14 crore. Domestic Institutional Investors (DIIs) made net purchases of Rs 1659.06 crore with purchases of Rs 11651.37 crore and selling of Rs 9992.31 crore.