Saturday, February 29, 2020
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Sensex ends lower post RBI policy review

 RBI's decision to keep rates unchanged caught the stock markets off-guard today with a sharp plunge in the Sensex within minutes of the policy announcement amid a heavy pounding of bank stocks, but a quick recovery saw the index limiting its losses at just 45 points.

      NSE's Nifty index fared better by closing with a marginal 0.75-point gain at 8,769.05. BSE's Sensex ended the day 45.24 points lower at 28,289.92, after recouping a large part of its intra-day loss of 186 points.

      Contrary to market expectations, RBI left interest rate unchanged at 6.25 per cent, and shifted the policy stance to 'neutral' from 'accommodative'. Governor Urjit Patel today lowered the GDP growth forecast to 6.9 per cent for 2016-17, but its growth projection of 7.4 per cent for 2017-18 reassured investors to an extent, which restricted the fall.

      Some fag-end buying in banking and other stocks helped the Sensex recover, which settled down 0.16 per cent. The gauge had lost 104.12 points in the previous session.

     The wider Nifty, however, ended up 0.01 per cent.

           The reverse repo rate -- at which RBI absorbs excess liquidity -- is retained at 5.75 per cent.

      Meanwhile, the rupee continued to trade higher at 67.19 against the American currency by jumping 22 paise, which supported the late recovery.

      Out of the 30-share Sensex pack, 15 ended lower while 14 led by Coal India, GAIL, M&M, Lupin, Tata Motors, Cipla, TCS and Wipro finished higher that cushioned the downfall.

       Sector-wise, the BSE FMCG index fell by 0.39 per cent, healthcare 0.26 per cent and IT 0.18 per cent.

      In contrast, broader markets were in a better shape, with the mid-cap index rising 0.51 per cent and small-cap up 0.22 per cent.

            The market breadth was positive, with 1,519 shares ending higher, 1,348 lower and 163 steady. The total turnover on BSE rose to Rs 6,125.92 crore, from Rs 3,387.26 crore registered in the previous session.


Précis 2017
From asking his party men to ‘live a simple life and serve the people’ to taunting the BJP for its ‘crocodile tears’, Chief Minister and BJD supremo Naveen Patnaik has not only become politically invincible, he seems to be so in the coming years too.


* India successfully test-fires supersonic interceptor missile


* Support for terrorism to be stopped: India at UN


* Dalmia DSP launches new TV campaign


* Sudhir Mishra's 'Daasdev' set to arrive on February 16


* “Nalco to invest Rs 35,000 cr in Odisha, good governance key to company’s success”


* Tata Steel Bhubaneswar Literary Meet from Jan 11
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