Key equity benchmarks indices witnessed wide trading range throughout the day considering it is a day of RBI’s annual policy review. Nifty failed to cross psychological level of 6000 and slipped back to the red zone and fell down to 5944 level ending 55 points lower than the previous day close while Sensex ended the day at 19575 plunging 160 points.
RBI cuts the key interest rates by 25 basis points as excepted and market has already accounted this expectation of participants in earlier trades. RBI cuts rates for the third time since January 2013 following slow growth of economy and got some headroom because of easing inflation. Growth of the Indian economy was 4.55% in the third quarter of FY 2012-13 while inflation moderated to an average of 7.3% last year from 8.9% in the year before. In the month of March 2013 WPI was 6.0%, lowest in the last 3 years. In its annual policy statement RBI expects growth at 5.7% and WPI inflation to 5.5% for the FY 2014.
Among the sectoral indices CNX Metal surged by 1.4% followed by CNX IT (0.30%) and CNX Infra (0.28%). Bank Nifty was the biggest loser of the day falling down by -2.49%.
Out of 50 stocks of Nifty 17 stocks ended in positive zone while 33 ended in negative zone.
Top 5 Nifty gainers: Jindal Steel (3.81%), Hindalco (2.34%), Tata Steel (2.22%), HCL (2.21%) and Sesagoa (1.90%) were among the top gainers.
Top 5 Nifty losers: Tata Motors (-3.99%), SBI (-3.80%), IDFC (-3.73%), ICICI Bank (-3.56%) and DLF (-3.41%) were top losers.
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