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Markets in the red RBI maintains status quo

SI Reporter/New Delhi 18 Dec 12 | 11:02 AM

Markets reversed early gains and dipped into negative terrain after the Reserve Bank of India kept key policy rates and cash reserve ratio unchanged.

At 11:02AM the 30-share Sensex which had touched a high of 19,331 was down  55 points at  19,189 and the 50-share Nifty which had touched a high of 5,883 was down  21 points at  5,837.

Among Sensex shares,  ICICI Bank, SBI, HDFC Bank and index heavyweights Reliance Industries, Infosys and ICICI Bank were among the top losers.

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(Updated at 10:39AM)

Markets continue are trading on a flat note ahead of the Reserve Bank of India's mid-quarter policy review. The Sensex is up 60 points at 19,308 and the Nifty has advanced 15 points to 5,872 levels.

Meanwhile,  banking stocks are witnessing some amount of selling pressure in the morning deals. The BSE banking index- bankex is down 0.3% at 14,229. Oil & gas and metal indices are also down. While, auto, capital goods, consumer durables and power indices are up 0.5-1% each.

Among the individual stocks, Sun Pharmaceutical Industries is trading higher by 2% at Rs 732 after the company said it has buys generic business of URL pharma through its subsidiary for an undisclosed amount.

Liberty Phosphate has slumped 10% to Rs 175, extending its previous day’s about 10% fall, after the company denied a news report stating that Coromandel International plans to acquire the company.

Jaiprakash Power Ventures has dipped 10% to Rs 37.30 in opening deals on back of huge volumes on promoter stake sale report. A combined 18.11 million shares have changed hands on the BSE and NSE.
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(Updated at 9.20 AM)

Markets have opened marginally higher ahead of the Reserve Bank of India's  mid-quarter monetary policy review scheduled later today. The Sensex has advanced 74 points to open at 19,319 and the 50-share Nifty has advanced 23 points to open at 5,881.

Asian shares crept higher on Tuesday, tracking the overnight gains in US stocks on optimism for progress in resolving the US budget crisis before the year-end deadline.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%, after ending an eight-day winning streak on Monday as investors took profits from last week's rally.

Hang Seng was up 34 points at 19,244, Shanghai Composite advanced 19 points to 2,179, Nikkei jumped 109 points to 9,937 and the Straits Times advanced 13 points to 3,171.

Overnight, the US markets ended firm with Dow Jones, Nasdaq and S&P gaining by 1% each. In Asian, Nikkei, Strait Times, Hang Seng, Taiwan and Kospi gained 0.02-1%. At 700 am Indian Standard Time, the SGX Nifty was trading at 5,907 – up 13 points

Back home, Goldman Sachs expects the Reserve Bank of India (RBI) to cut its key interest rate by 25 basis points at its policy review on Tuesday after last week's inflation data came well below expectations, and as economic growth remains sluggish.

Meanwhile, BHEL is the top gainer among the Sensex stocks, up 1.3% at Rs 224. Sun Pharma, Mahindra & Mahindra, Sterlite Industries, Tata Power, TCS, Hindalco, Bharti Airtel, Jindal Steel and Cipla are also among the gainers, up 0.6-1.2% each.

On the other hand, Maruti Suzuki, Wipro, HUL, Hero MotoCorp, Infosys and HDFC Bank are among the notable losers.

All the sectoral indices have opened on a positive note. The BSE consumer durables index is the top gainber, up 0.7% at 7,798. BSE metal, realty, power, capital goods, PSU, oil & gas, auto and healthcare indices are also up 0.3-0.7% each.

The overall breadth is positive as 790 stocks are advancing while 226 are declining.

Sensex

Company Price Gain (%)
Larsen & Toubro1,377.302.48
GAIL (India)384.201.48
B H E L189.301.42
Tata Steel426.601.32
M & M1,036.751.22

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