The market is still under pressure as the Sensex is down 183.57 points or 0.7 percent at 27381.09. The Nifty is down 58.50 points or 0.7 percent at 8276.10. About 1033 shares have advanced, 1327 shares declined, and 162 shares are unchanged. Cipla, M&M, Tata Power, HDFC and Dr Reddy's Labs are major laggards while Tata Motors, Vedanta, Infosys, GAIL and ITC are top gainers in the Sensex. Meanwhile, bankers say the Reserve Bank of India should take steps to boost liquidity in addition to delivering a widely expected interest rate cut next week if it hopes to see lower lending rates and a pick-up in credit growth.
Lenders' failure to fully pass on the RBI's two interest rate cuts this year has been a major frustration for policy makers. Commercial banks blame the central bank's tight grip on liquidity for keeping the cost of funds high, a claim Governor Raghuram Rajan dismissed as "nonsense" at the April policy review.
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