Rates status quo hits markets

Rates status quo hits markets
Highlights

The benchmarking indices on Wednesday ended on a negative note following profit booking in banking shares as RBI maintained a status quo with regards to key rates.

Mumbai: The benchmarking indices on Wednesday ended on a negative note following profit booking in banking shares as RBI maintained a status quo with regards to key rates.

Though, the market have started on a positive note as the global rating agency Moody's said that India is showing early signs of recovery in terms of investment levels. Banks and IT shares dragged the markets, while healthcare gained. Sensex closed 52 points lower at 26,118 and Nifty ended 24 points down at 7,931.

Meanwhile, the broader markets outperformed with midcap and smallcap indices closed at 0.1 per cent 0.2 per cent higher, respectively. On sectoral front, bank, tech and auto shares come under selling pressure while metal, pharma, FMCG and energy shares have gained.

Auto sector gained with maruti, Hero Motocorp urged up to 2.5 per cent, while Bajaj Auto and M&M closed flat. From banking space, SBI, ICICI Bank, HDFC Bank and Axis Bank down up to 2 per cent as RBI to release formula to calculate base rate and insisted with the banks to pass the rate cut benefit to their customers.

The heavyweights ONGC and RIL gained up to 0.5 per cent as the international agency gave its report on the gas dispute between the companies. Meanwhile aviation companies have gained with Jet Airways and SpiceJet gaining 10 per cent and 7 per cent each, as the ATF prices fell marginally at 1.2 per cent.

The gainers: Lupin, up 3.24 per cent at Rs 1,870.70; Tata Steel, up 2.46 per cent at Rs 243.50; Bajaj Auto, up 1.55 per cent at Rs 2,499.40; Maruti Suzuki, up 1.47 per cent at Rs 4,619.85; and Cipla, up 1.35 per cent at Rs 657.25.

The losers: State Bank of India (SBI), down 1.83 per cent at Rs 244.75; Infosys, down 1.53 per cent at Rs 1,060.20; BHEL, down 1.42 per cent at Rs 173.10; ICICI Bank, down 1.21 per cent at Rs 270.30; and HDFC, down 1.15 per cent at Rs 1,211.15.

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