Interest-sensitive stocks drag equity indices lower

Interest-sensitive stocks drag equity indices lower

Interest-sensitive stocks dragged the key Indian equity indices — the BSE Sensex and the NSE Nifty50 — lower after the Reserve Bank of India on Wednesday maintained status quo on its key lending rates in its fifth monetary policy review of the fiscal.

Rate-sensitive stocks like banking, metals and capital goods stock closed trade deep in the red, with the Nifty Bank index down by almost 1.08 per cent.

The wider Nifty50 of the National Stock Exchange (NSE) fell by 74.15 points or 0.73 per cent to provisionally close (at 3.30 p.m.) at 10,044.10 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,798.50 points, closed at 32,597.18 points — down 205.26 points or 0.63 per cent — from its previous close.

The Sensex touched a high of 32,804.75 points and a low of 32,565.16 during the intra-day trade.

The BSE market breadth was bearish — 1,639 declines and 986 advances.

On Tuesday, the equity indices recovered from their day’s lows to close with marginal losses which were trimmed by good buying in stocks of banking majors like State Bank of India and Kotak Bank, and index heavyweights like Reliance Industries.

The NSE Nifty50 edged lower by 9.50 points or 0.09 per cent to close at 10,118.25 points, while the BSE Sensex closed at 32,802.44 points — down 67.28 points or 0.20 per cent.

Leave a Reply

Your email address will not be published.