Indian equity markets pared some of its losses after the sharp fall following the RBI measures to boost rupee against US dollar. Nifty opened 100 points down to the previous close and closed at 5955.25 plunging by 75 points while Sensex closed at 19851.23 down by 183.25 points.
On Monday, Reserve Bank of India increased short-term borrowing costs in the money markets through the Marginal Standing Facility (MSF) rate and Bank Rate each by 200 basis points to 10.25% and capped the amount banks can borrow from overnight markets to Rs. 75,000 crore. The RBI will conduct Open Market Sales of bonds of Rs. 12,000 crore on Thursday to further suck out liquidity from the system.
Indian rupee jumped 1% against the US dollar after RBI move to prevent speculation in the currency market.
Bharti Airtel shares rallied on the hopes the government may approve a 100% foreign direct investment in telecom.
Among the sectoral indices CNX FMCG surged 1.63% and was the top gainer of the day while CNX Realty (-6.23%), CNX PSU Bank (-5.02%) and Bank Nifty (-4.78%) was among the top laggards.
Out of the 50 stocks of Nifty 21 stocks ended in positive zone and 29 stocks in negative zone.
Top 5 Nifty gainers: ITC (2.60%), BPCL (2.11%), Ambuja cement (2.11%), Bharti Airtel (1.89%) and HUL (1.76%) were among top gainers.
Top 5 Nifty losers: DLF (-7.74%), IndusInd Bank (-7.56%), JP Associate (-7.42%), IDFC (-7.18%), Axis Bank (-6.26%) were index top losers.
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