Wednesday, 2 August 2017

RBI rate cut fails to cheer markets, Nifty ends below 10,100

The Sensex and Nifty ended lower after the RBI cut repo rate by 25 bps to 6%, the lowest since November 2010. Both the Indices had hit their highs of 32686 and 10137, respectively at open.   The repo rate cut came after a fall in food prices sent June consumer inflation to a more than 5-year low of 1.54 percent.
On Closing, the BSE Sensex declined 98.43 points at 32,476.74, while the Nifty50 index lost 33.15 points at 10,081.50.  The breadth, showing the overall vigor of the market was negative. On the BSE, 1595 shares declined and 1063 shares advanced and a  total of 175 shares were unchanged.
Ambuja Cements, NTPC and Adani Ports gained the most on Sensex and Nifty, while Indiabulls Housing, BHEL, Dr Reddy’s were the top losers.
Overseas, European markets edged lower since energy shares pulled back after a drop in oil prices, while Asian markets ended mixed after Asian technology stocks hit 17-year highs.

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