Acceding to the growing voices for a rate cut from the Indian industry at large and perhaps exceeding their expectations, Reserve Bank of India, in its fourth bi-monthly monetary policy of the current fiscal, has cut the repo rate by 50 basis points to 6.75%, its lowest since May 2011. The cash reserve ratio (CRR), currently at 4 per cent, expectedly was kept the same. At 11:21 AM, the S&P BSE Sensex is trading at 25,554 down 63 points, while NSE Nifty is trading at 7,777 down 19 points.
The BSE Mid-cap Index is trading down 0.35% at 10,536 whereas BSE Small-cap Index is trading down 0.41% at 10,871. Some buying activity is seen in banking, IT and realty sectors, while pharma, oil&gas, metal, consumer durables, capital goods and fmcg sectors are showing weakness on BSE.
HDFC, BHEL, SBI, M&M, HDFC Bank, TCS and Maruti Suzuki are among the gainers, whereas Vedanta, Bharti Airtel, Dr.Reddy's Lab, Tata Steel, ONGC, Hindalco and Sun Pharma are losing sheen on BSE. The India VIX (Volatility) index is up 1.3% to 21.94.
A total of 10 stocks registered a fresh 52-week high in trades today, while 50 stocks touched a new 52-week low on the NSE.
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