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
Search This Blog(Over 800 companies covered in the blog).
Please note
Archives : Old artciles
Tuesday, July 29, 2008
Subscribe to:
Post Comments (Atom)
Important Disclaimer&Privacy policy
This blog does not share personal information with third parties nor do we store any information about your visit to this blog other than to analyze and optimize your content and reading experience through the use of cookies.You can turn off the use of cookies at anytime by changing your specific browser settings.This privacy policy is subject to change without notice and was last updated on 20.3.2013. If you have any questions, feel free to contact me directly here: arunsharemarket@gmail.com
Investment in equity shares has its own risks.Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that I consider reliable. I,however,do not vouch for the accuracy or the completeness thereof.This material is for personal information and am not responsible for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.The stock price projections shown are not necessarily indicative of future price performance.The information herein, together with all estimates and forecasts, can change without notice.
No comments:
Post a Comment