Nifty slips to 16,250; RBI keeps repo rate unchanged at 4%

Indices gave up early gains and traded with loss amid bout of volatility in morning trade. The Nifty traded just above the 16,250 level. The Reserve Bank of India kept repo rate unchanged at 4%.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 105 points or 0.19% at 54,387.56. The Nifty 50 index fell 43.4 points or 0.27% at 16,251.50.

The broader market outperformed and traded with gains. The S&P BSE Mid-Cap index was up 0.22% while the S&P BSE Small-Cap index was up 0.51%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1813 shares rose and 1072 shares fell. A total of 115 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 200,819,674 with 4,266,478 global deaths.

India reported 414,159 active cases of COVID-19 infection and 426,754 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Results Today:

Divis Labs (up 0.08%), Bank of Baroda (up 0.97%), Advanced Enzyme Technologies (up 4%), Affle (India) (up 0.05%), Amber Enterprises India (down 0.24%), Atul Auto (up 3.05%), Dodla Dairy (up 1.25%), Hindustan Copper (up 0.97%), Indiabulls Real Estate (up 2.37%), Quick Heal Technologies (up 1.05%) and VRL Logistics (up 3.22%) will release quarterly earnings today.

RBI MPC Outcome:

RBI Governor Shaktikanta Das on Friday announced that the monetary policy committee has decided to keep repo rate unchanged at 4%. The central bank continues to maintain accommodative stance. Meanwhile, MSF rate and bank rate have been kept unchanged at 4.25% while reverse repo rate also been kept unchanged at 3.35%.

New Listing:

Shares of Glenmark Life Sciences were trading at Rs 776 apiece, at a premium of 7.78% as compared to the issue price of Rs 720 per share. The stock listed at price of Rs 751.10 per share, representing 4.32% premium to the issue price. So far, the stock has hit a high of 795 and a low of 737.35. Over 6.45 lakh shares of the company were traded in the counter till now on the BSE. The initial public offer received bids for 66.33 crore shares as against 1.50 crore shares on offer, according to stock exchange data. The issue was subscribed 44.17 times. The issue opened for bidding on Tuesday (27 July 2021) and closed on Thursday (29 July 2021). The price band of the IPO was fixed at Rs 695-720 per share.

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