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MARKET WRAP: Sensex slips 184 pts, Nifty ends at 12,022 ahead of RBI policy
All that happened in the markets today
The S&P BSE Sensex slipped 184 points, or 0.46 per cent, to 40,084, with Hero MotoCorp, HCL Tech, TCS, Asian Paints, and IndusInd Bank leading the list of losers. Out of the 30 BSE constituents, 16 ended the day in the red.
The broader Nifty50 index slumped 67 points to 12,022. The market breadth was in favour of sellers. About 990 stocks declined and 789 shares advanced on the NSE.
Among Nifty sectoral indices, only Nifty Metal and Nifty PSU Bank indices ended the day in the green. Nifty IT took the deepest cut, down 1.56 per cent, while Nifty Media and Nifty Pharma also slipped over 1 per cent.
In the broader market, the S&P BSE MidCap index dipped 33 points, or 0.2 per cent, to settle at 15,200, while the S&P BSE SmallCap closed at 14,911, down 28 points, or 0.19 per cent.
Tuesday was the last trading day ahead of the RBI monetary policy outcome on Thursday, as the stock market will be closed on Wednesday on account of Eid-al-Fitr. Two-thirds of 66 economists polled by Reuters expect the MPC to wrap up on Thursday by cutting the repo rate by 25 basis points. READ FULL REPORT HERE
Jayant Manglik, President of Retail Distribution in Religare Broking, said a rate cut is possible, but it might not be an aggressive one.
"We continue to maintain our cautious stance on the markets at higher levels in the near term. The market participants would keep an eye on the RBI’s monetary policy (on June 6th) as it would provide further direction to the markets. While a rate cut cannot be ruled out, we don’t expect any aggressive cut and believe that the RBI would await more data on monsoon progress and inflation," Manglik said.
"Domestic macro data, global developments, especially with respect to US-China trade talks and movement of crude oil prices would continue to be on investor’s radar," he said.
Shares of GE Power India surged 5 per cent to Rs 930 on the BSE on Tuesday in early morning trade, after the company announced winning a contract worth Rs 738 crore from Aravali Power Company Private Limited. Aravali Power Company Private Limited is a Joint venture company of NTPC, Haryana Power Generation Company and Indraprastha Power Generation Company. The stock ended the day 2.32 per cent higher at Rs 905. READ MORE
Shares of Manappuram Finance hit a new high of Rs 141, up 5 per cent on the BSE in intra-day trade on Tuesday on the back of heavy volumes in an otherwise subdued market before ending the day at Rs 138.90, up 3.43 per cent. READ MORE