Indian equity market plunged after the RBI bi-monthly monetary policy and credit policy review led by the rate senstive stocks. Broadbased indices Sensex fell over 122.13 to end the day at important level of 29,000 and Nifty wrapped up the session at 8,756.55, down by 40.85 points.
The Reserve Bank of India governor Raghuram Rajan today decided to hold the key interest rates steady, saying that the central bank would be closely watching the Budget, growth numbers and inflation data, all due this month. However, the RBI announced to cut statutory liquidity ratio (SLR) by 50 basis points to 21.5 per cent. This will free up more resources for banks to lend.
Public sector lender Punjab National Bank missed profit estimates in the December quarter. It’s net profit was Rs 775 crore in the third quarter, lower than Rs 967 crore estimated by analysts. Its net interest income or interest earned over interest expended was Rs 4,234 crore, also lower than estimated Rs 4,410 crore. Net bad loans as a percentage of net advances rose to 3.82 per cent, from 3.26 per cent in the September quarter, and 2.80 per cent in the year-ago quarter.
Meanwhile USDINR pair ended lower against the previous day close to 61.67 down by 12 paise.
Among the sectorial indices of NSE CNX Energy was top gainer, surged by 1.68% followed by CNX FMCG (1.02%) and CNX Metal (0.79%) while Bank Nifty plunged 2.43%.
Market breath of NSE remain Negative for the day with 662 negative against 518 positve and 39 remian unchanged.
Out of 50 stocks of Nifty 20 ended in green and 30 in red.
Top 5 Nifty Gainers: Sesa Sterlite (5.90%), Bharti Airtel (4.09%), CAIRN (4.03%), Reliance (3.11%) and ONGC (2.67%).
Top 5 Nifty Losers: PNB (-8.32%), Axis Bank (-5.13%), Tata Power (-4.11%), Kotak Bank (-3.85%) and Baja Auto (-3.80%).
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