Negative global cues to start with and aggressive rate hikes by RBI later during the day made the market tumble in todays trade. Sensex shed 557 points to close at 13791,while Nifty closed at 4189, down 142 points. In an unexpected move, RBI, in its busy season credit policy, hiked Repo rate by 50 bps and CRR by 25 bps. Repo rate has now reached 9%, the level last seen in October, 200. While CRR, after todays hike will also touch 9%, for the first time since November 1999. According to RBI, bringing down inflation is the highest priority, which it wants to see at 7% by March 2009 and eventually at 5%. Earlier, weakness in global markets also casted its shadow on opening of our market, with sensex opening with a gap down of 264 points.
As expected, rate sensitive sectors, viz. Bankex and Realty took the biggest hit in todays trade, down 8.3% and 5.5% respectively. FMCG index, helped by Hindustan Uniliver, which gained 3% in todays trade, could manage to finish in the green territory. HDFC Bank and ICICI Bank were top sensex losers, down 8.7% and 8.4% respectively. BSE advance-decline ratio stood at 1:1.74.
Regards,
ARUN
I can be reached at:-arunanalyst@rediffmail.com
Tuesday, July 29, 2008
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