Nifty drops 41 points, rate-sensitive stocks fall

The market retreated for the third straight session today with NSE Nifty falling by 40.85 points as RBI kept the interest rate unchanged.
In its bi-monthly policy review RBI governor Raghuram Rajan kept the repo-rate steady at 7.75 percent after its unscheduled easing just fortnight ago.
Banking counters were the top losers down 2.43 per cent, followed by Realty (1.36 per cent), Pharma (0.93 per cent) and Auto (0.63 per cent) along with shares from midcap and smallcap companies which were trading negative.
However, value-buying was witnessed in overnight hammered shares of FMCG, Energy and Metal counters.
Meanwhile, Foreign portfolio investors (FPIs) sold shares worth a net Rs 629.97 crore yesterday as per the provisional data from the stock exchanges.

The Broader 50-share index moved between a high of 8,837.30 and a low of 8,726.65 before closing at 8,756.55, down 40.85 points, or 0.46 per cent over its previous close.

Major losers were PNB 7.79 per cent, AxisBank 4.97 per cent, Dr Reddy 4.17 per cent, BajajAuto 3.77 per cent, Kotak bank 3.41 per cent, M&M 3.38 per cent, BPCL 3.11 per cent, and SBIN 2.34 per cent.
However, SSLT climbed by 6.31 per cent, Cairn by 4.09 per cent, BhartiArt 3.41 per cent, Reliance 3.25 per cent, ONGC 2.74 per cent, Tata Motors 1.82 per cent and TCS 1.75 per cent.

Turnover in the cash segment rose to Rs 21,682.25 crore from Rs 21,334.94 crore yesterday. A total of 10,452.66 lakh shares changed hands in 88,42,495 trades. The market capitalisation at NSE stood at Rs 10,099,416 crore.