Nifty rebounds 27 pts after RBI policy, IT stocks tumble

Benchmark Nifty settled with modest gains at 9,664 in a volatile session today after the Reserve Bank maintained status quo on rates.
Fresh buying was seen in pharma, PSU bank, metal, energy, auto, bank and FMCG stocks amid firm global cues and good prospects of rains.
However, a sharp drop was witnessed in IT counters after reports said Infosys' clients were asking for 20-30 per cent cut in prices for projects.
In overseas markets, most European stocks edged higher in volatile trade ahead of Thursday's UK election and the European Central Bank's policy decision.
Asian stocks rose although investors remained noticeably risk averse ahead of several major political and economic events later this week.

The NSE 50-share Nifty index opened higher at 9,663.95 and hovered between 9,678.55 and 9,630.55 before finishing at 9,663.90, a rise of 26.75 points, or 0.28 per cent.

It saw an intra-day movement of about 48 points.
Sector-wise, pharma rose 1.37 per cent, PSU Bank 1.24 per cent, metal 0.98 per cent, energy 0.96 per cent, auto 0.77 per cent, FMCG 0.66 per cent, private bank 0.67 per cent, finance service 0.42 per cent and infra 0.41 per cent.
However, IT was the lone loser, shedding 1.89 per cent.
The broader markets rebounded, with the mid-cap and small-cap indices climbing 0.69 and 0.40 per cent, respectively.

Major index gainers were Aurobindo Pharma (2.20 per cent), Reliance (2.00 per cent), ICICI Bank (1.80 per cent), Eicher Motors (1.79 per cent) and Vedanta (1.66 per cent).
TCS fell 3.00 per cent, followed by Tech Mahindra (2.14 per cent), Wipro (1.99 per cent), Infosys (1.84 per cent) and BPCL (1.14 per cent).
A total of 962 scrips advanced, 691 declined while 102 remained unchanged. The total securities that hit their price bands were 125.
Turnover in the cash segment rose to Rs 23,043.67 crore, from Rs 22,177.61 crore yesterday.
A total of 10,118.81 lakh shares changed hands in 88,04,152 trades.

The market capitalisation of listed firms on the NSE stood at Rs 1,25,55,195 crore.