Indian shares erased gains in the last hour of trade on Thursday with the Sensex ending mildly in the red, below 37,000 mark.
Indian shares erased gains in the last hour of trade on Thursday with the Sensex ending mildly in the red, below 37,000 mark. The Nifty too gave up 11,100 after hitting the level briefly.
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Benchmark indexes erased gains after the Reserve Bank of India (RBI) cut key interest rates and changed its monetary policy stance to “neutral” from “calibrated tightening” at today's Monetary Policy Committee meeting outcome.
The RBI reduced repo rate to 6.25 percent from 6.50 percent earlier. Four of six members of the MPC voted in favour of cutting rates, while all six members voted for a change in the stance.
The Nifty settled almost 7 points up at 11,069.40 at close, while the Sensex was down by 4 points, closing at 36,971. Reliance Industries Ltd, HDFC, HDFC Bank and L&T dragged indexes on profit-taking.
Broader markets outperformed frontline peers as non-banking financial firms led micap rally. The Nifty MidCap and BSE MidCap, both ended 0.74 percent up.
The Nifty Media was leading the 30 advancing sectors, which also included Telecom, Auto and Pharma gauges, while the Nifty Energy was the weakest among the 13 declining sectors.
Among shares, Zee Entertainment and Sun Pharma ended over 4 percent higher. Eicher Motors gained 3.5 percent and Bajaj Auto surged 3 percent. Grasim climbed almost 3 percent.
JSW Steel, Reliance Industries Ltd, L&T, PowerGrid, HDFC stocks slipped lower, between 1 and 2.5 percent.
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