Indian equity markets witnessed the tremendous selling pressure followed by derivatives expiry and the rupee hits the 11-month low against the USD. Southward momentum was fuelled by RBI Governor D. Subbarao’s comments on Inflation that it is still high and current account gap remained a concern for the Indian economy. Nifty breached 6000 mark and ended the day at 5985 shedding 139.10 points or -2.26% while Sensex tanked more than 450 points or -2.25% and closed at 19760.30.
RBI governor’s comments on inflation reduced the hopes of interest rate cut in June monetary policy review and further dented the rate sensitivities.
GDP data for the March quarter failed to lift sentiments on the Street. India's economy grew 5% in 2012-13, its lowest rate in a decade. Gross Domestic Product grew at 4.8% in the quarter ending March 31. The manufacturing sector grew an annual 2.6% during the quarter while farm output rose just 1.4%.
Among the sectoral indices CNX Realty was the biggest loser of the day plunging -3.61% followed by CNX PSU bank (-3.09%) and CNX Finance (-2.87%) while CNX IT was only gainer of the day gaining 1.28%.
Out of 50 stocks of Nifty 5 stocks ended in positive zone while 45 ended in red.
Top 5 Nifty gainers: Infosys (2.67%), Sesagoa (2.44%), Ambuja Cement (0.85%), HCL (0.65%) and TCS (0.11%) were top gainers.
Top 5 Nifty losers: Ultra Cement (-5.18%), Reliance infrastructure (-4.92%), PNB (-4.64%), GAIL (-4.57%) and IDFC (-4.57%) were index top losers.
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