Sensex, Nifty trade in red after RBI's 0.25% cut in rates; banking stocks top loser
Indian markets were trading on a negative note on Thursdays after the Reserve Bank of India (RBI) in its third bi-monthly monetary policy review of 2017-18 had lowered the key rates.
At 0941 hours, Sensex was trading at 32,379.64 down over 97 points or 0.30%, while Nifty 50 was below 26 points or 0.26% trading at 10,055.75.
RBI on Wednesday in its bi-monthly monetary policy decided to keep policy stance neutral but cut repo rate to 6% from 6.25% and slashed reverse repo rate to 5.75% from 6%.
Minutes into trading, Sensex was quoting at 32, 437.49 points, down by 39.25 points, or 0.12%.
Top gainers on BSE were - Cipla at Rs 574.80 per piece up 1.59%, followed by Lupin at Rs 1050 per piece (1.52%), TCS at Rs 2,486.30 per piece (0.77%), Bharti Airtel at Rs 419.10 per piece (0.77%) and Dr Reddy was at Rs 2,393.55 per piece (0.58%).
Losers involved Asian Paints at Rs 1,128.35 per piece down 1.35%, Kotak Mahindra Bank at Rs 997.70 per piece (1.23%), SBI at Rs 304.40 per piece (1.06%), Axis Bank at Rs 511.75 piece (0.90%) and HDFC at Rs 1,752.10 per piece (0.88%).
Nifty bank was top loser on the 51-scrip index. It was trading at 24,867.35 down 187 points or 0.75%. All stocks on this index tumbled.
Indian equity markets on Wednesday were pulled lower to close on a subdued note on the back of broadly negative European markets and profit booking as the RBI`s decision to reduce key lending rates could not lift investors` sentiments.
On Thursday, Asian indices were showing a negative trend. Japan`s Nikkei 225 was trading in red, down by 0.24 per cent, Hang Seng down by 0.09 per cent while South Korea`s Kospi was also down by 1.48 per cent.
China`s Shanghai Composite index was quoting in red, down by 0.27 per cent.
Nasdaq closed in red, down by 0.30 points while FTSE 100 was also down by 12.23 points at the closing on Wednesday.