INSUBCONTINENT EXCLUSIVE:
Sensex and NSE Nifty 50 Index fell for second day in a row.The SP BSE Sensex and NSE Nifty 50 Index fell for second day in a row after the
Reserve Bank of India cut repo rate by 25 basis points to 6 per cent dashing hopes of some market participants who were expecting a more
dovish tone from the Reserve Bank of India's monetary policy committee
Some market participants were expecting a 50 basis point rate cut
The equity markets turned highly volatile after the monetary policy decision announcement and the SP BSE Sensex fell as much as 0.76 per
cent or 296 points and the NSE Nifty 50 Index dropped below 11,600.The Sensex ended 0.49 per cent or 192 points lower at 38,685 and the NSE
Nifty 50 Index dropped 0.40 per cent or 46 points to settle at 10,598.The 10-year benchmark government bond yield rose to 7.50 per cent
after the central bank's decision, compared with Wednesday's close of 7.42 per cent, while the rupee weakened to 69.04 to the dollar
compared to the previous close of 68.42.Market valuations are expensive at the current juncture and investors are booking profits as they
wait for last quarter earnings season which will start with Infosys and Tata Consultancy Services next week, AK Prabhakar, head of research
at IDBI Capital Market told TheIndianSubcontinent.RBI's decision to cut repo rate by 25 basis points instead of 50 basis points also came
as slightly disappointing for investors, Mr Prabhakar added.Following the RBI's policy move, rate sensitive shares ended on a mixed note
with Auto and Realty sector gauges rising 0.2 and 0.6 per cent respectively
While the measure of banking shares fell 0.67 per cent.Thirteen of 19 sector gauges compiled by BSE ended lower led by the SP BSE
Information Technology Index's 1.5 per cent decline
Energy, Oil Gas and Teck Indexes on the BSE also ended with a loss of 1 per cent.On the flipside, SP BSE Healthcare Index was top gainer,
up 0.6 per cent.Tata Consultancy Services was top loser in the Nifty 50 basket of shares, the stock fell 3 per cent to Rs 2,017
HCL Technologies, Bharat Petroleum, Hindalco, Yes Bank, GAIL India, IndusInd Bank, Reliance Industries and Bajaj Finserv were also among the
losers.On the flipside, Indiabulls Housing Finance was top Nifty gainer, up 3.3 per cent at Rs 898
Zee Entertainment, Tata Motors, UltraTech Cement, Bharti Airtel, Britannia Industries and Hero MotoCorp were also among the gainers.Get the
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