Profit taking drags mkts post RBI meet

Profit taking drags mkts post RBI meet
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Profit taking drags mkts post RBI meet. Market snapped four-day winning streak on Tuesday on profit taking after RBI kept policy rates unchanged as retail inflation continues to remain at elevated levels. On the whole, it was a volatile session for the market.

Mumbai: Market snapped four-day winning streak on Tuesday on profit taking after RBI kept policy rates unchanged as retail inflation continues to remain at elevated levels. On the whole, it was a volatile session for the market.

The index heavyweights like RIL, ITC, HDFC, HDFC Bank and Infosys dragged the market while select banks and metal stock supported. Sensex closed at 28,072 declining 115 points and Nifty ended 26 points lower at 8,517. Meanwhile, the broader market see heavy trading with midcap and smallcap indices closed over 1 per cent.

While RBI kept key rates unchanged, it said that further rate cuts will be conditioned by fuller transmission of past rate cuts by banks, normalisation of US monetary policy, control and managing of food inflation.

On the sectoral front, oil and gas index was among the top losers down 0.7 per cent followed by consumer durables and IT indices. On the other hand heavyweights ITC and HDFC closed down over 1 per cent.

Following rupee appreciation, the IT majors including Infosys and Wipro declined nearly 2 per cent each and oil shares including RIL, ONGC and GAIL closed down between 1.3 per cent and 2.5 per cent each. However, banking stocks closed with mixed performance despite status-quo on key rates by RBI. SBI, ICICI Bank and Axis Bank closed over 2 per cent.

The gainers: Tata Steel, up 3.39 per cent at Rs 256.40; Hindalco Inds, up 3.36 per cent at Rs 109.30; Coal India, up 2.82 per cent at Rs 442.85; State Bank of India (SBI), up 2.54 per cent at Rs 288.20; and Mahindra and Mahindra (M&M), up 2.18 per cent at Rs 1,362.85.

The losers: Hero MotoCorp, down 2.73 per cent at Rs 2,624.25; Gail, down 2.53 per cent at Rs 345.10, ONGC, down 2.40 per cent at Rs 266.90; Wipro, down 2.16 per cent at Rs 558.20; and Tata Motors, down 1.85 per cent at Rs 380.95.

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