BUSINESS
The 30-share barometer of the Bombay Stock Exchange ended the session at 19,417.49, lower by 84.62 points, or 0.43%, with blue-chips Infosys, RIL and Bharti Airtel registering sharp losses.
The Reserve Bank's higher than expected hike in key policy rates and weak global sentiments snapped the seven-day market rally today, with the benchmark Sensex closing down by 85 points.
The 30-share barometer of the Bombay Stock Exchange ended the session at 19,417.49, lower by 84.62 points, or 0.43%, with blue-chips Infosys, RIL and Bharti Airtel registering sharp losses.
With Asian and European bourses slipping, trading was choppy and the Sensex fluctuated between a high of 19,636.66 and a low of 19,383.46 points.
The National Stock Exchange's wide-based 50-share Nifty Index too finished 0.55 per cent lower at 5828.70. During the trade, Nifty rose 40 points to breach the 5,900-level.
"Market has risen quite sharply in recent sessions and a correction at this stage was due," a broker said.
Analysts said a slightly higher than expected rise in the policy rates by the Reserve Bank and weak global cues halted the rally on Dalal Street.
"While the rate hike in the reverse repo is higher than expected, the overall tone of the policy announcement is a lot softer than July announcement," Edelweiss Securities president Naresh Kothari said adding that "from market perspective the focus is lot more on growth than interest rates".
The central bank today raised the repo rate — at which it makes short-term loans to commercial banks — by 25 basis point to 6%. The RBI also raised the reverse repo rate — the rate at which it borrows from banks — by 50 basis points to 5%, which analysts said was above market expectations.
On the back of huge inflows from foreign institutional investors, Sensex had been on a rising-spree in the previous seven days and had gained nearly 1,300 points to trade above 19,500-level for the first time in 32 months.
FIIs have infused a whopping Rs8,939 crore (nearly $2 billion) in the first fortnight of the current month, taking their totakl investment so far in the Indian equity to over Rs68,320 crore.
Infosys took a hit of 2.69% and was the biggest Sensex losers. Other software stocks TCS and Wipro too closed down 1.92% and 0.78%, respectively.
Brokers said IT stocks were battered as investors were cautious ahead of US weekly jobless claims data.
Metal shares were another big losers. In line with decline among mining firms overseas, shares of major metal companies saw correction. Sterlite Industries plunged 2.25%, Hindalco 1.9% and Tata Steel 1.51%.
Telecom majors Bharti Airtel and RCom too fell sharply and ended lower by 2.47% and 2.28%, respectively.
Reliance Industries, which carries the maximum weight in the Sensex, also witnessed profit booking and ended with a net loss of 1% at Rs1,000.25.
Global cues were not supportive for the market and most of the key indices worldwide were in the red, brokers said.
Asian stocks settled in the red, as declines among mining firms overshadowed speculation that Japan will take more steps to weaken the yen and bolster export earnings, analysts said. Europe too was trading lower in the afternoon session.
In the BSE-30 pack, 19 stocks ended with loss, while 11 scrips managed to close in the green.
The rise in realty, financial, consumer goods and FMCG stocks cushioned some of the losses. DLF zoomed 2.5%, the most in the Sensex pack, HDFC 1.88% and SBI 1%.
Other major gainers of the day were Maruti, which jumped 1%, HDFC Bank by 0.69%, ICICI Bank and L&T by 0.67%. HUL rose 0.31%.
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