With a few blue chip stocks forcing their way
up from the day's lows thanks to modest buying support, the market, which
plunged deep down into the red post RBI's monetary policy statement, has
regained some lost ground this afternoon.
Bank and realty stocks continue to languish
deep down in the red due to sustained selling pressure. Capital goods, PSU,
metal and automobile stocks are also mostly trading sharply lower. Oil and FMCG
stocks are down as well.
Power and consumer durables stocks have
regained a bit of lost ground. Select pharmaceuticals and information
technology stocks are trading higher. With several midcap and smallcap stocks
trading lower, the market breadth remains weak.
At 20,203.95, more than 150 points off the
day's low of 20,051.43, the Sensex is now down 442.69 points or 2.14% from its previous
close. The Nifty,
which declined to 5932.85, is currently down 133.60 points or 2.18% at 5981.95.
The RBI governon Raghuram Rajan today hiked the
repo rate by 25 basis points to 7.5%. The central bank, however, reduced the
Marginal Standing Facility (MSF) rate by 75 basis points to 9.5%. The reverse
repo rate stands adjusted at 6.5%.
RBI also reduced the minimum daily maintenance of the cash reserve ratio
(CRR) from 99% of the requirement to 95% effective from the fortnight beginning
September 21, while keeping the CRR unchanged at 4%.
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