Markets Closed Lower, RBI Repo-Rate Cut Fail To Cheer Street

Benchmark indices extended fall with the Nifty50 falling below its key level of 11,600. The RBI reduced repo-rate by 25bps to 6% today, in line with expectation and kept the stance unchanged to Neutral.

The Nifty IT index was the top loser declining 1.37% in spite of the rupee at the the key level of 69 per dollar. TCS, HCL Tech, Tata Elxi and Infibeam were the top losers in IT index. On the other hand, the NSE Nifty Media Index rose 1.09% being the top sectoral gainer, led by gains in Zee Media, Zeel and Dish TV, by 2.22% to 4.56%. 

The BSE benchmark Sensex ended 192.40 points or 0.49% lower at 38,684.72 and the NSE’s Nifty50 ended at 11,598, down 45 points or 0.39%

TCS, HCL Tech, BPCL Hindalco and Yes Bank, were among top losers on the Nifty50, while gainers were Indiabulls Housing, Zee Ent, Tata Motors, UltraTech and Britannia.

Majority of banking indices ended in negative zone for the day with Nifty Bank, PSU Bank & Nifty Pvt Bank indices falling 0.63%, 0.42% and 0.82%, respectively.

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