Sensex Slips 109 Points, Nifty Settles At 10,593 In Run-Up To RBI Policy Decision
- Tata Steel, HDFC, Reliance and Maruti were among the top gainers on BSE today. Losers on BSE were Sun Pharma, Asian Paints, Tata Motors and ICICI Bank. Cipla, Bajaj Finance, Tata Steel and HDFC were leading the pack of Nifty gainers. Main losers on Nifty were Coal India, Bharti Airtel, Wipro and Titan.
- Investors are now waiting to see whether RBI will raise interest rates for the first time since January 2014 on Wednesday. A Reuters poll before the March-quarter economic growth data showed that 40 per cent of nearly 60 respondents saw a rate hike on Wednesday, while nearly 70 per cent of 44 projected that in August - a sharp contrast to an April survey seeing an increase only in 2019's second half.
- Larsen & Toubro (L&T) and Infosys Ltd accounted for majority of the losses on both indexes today. L&T fell nearly 2 per cent, while Infosys declined 1.3 percent. Reliance Communications Ltd fell as much as 6 per cent after the company said it would not pay interest on its non-convertible debentures until its restructuring process is over.
- Biocon Ltd rose 6.4 per cent to a record high after the drugmakers's partner Mylan NV said the US Food and Drug Administration approved its biosimilar to Amgen Inc's Neulasta. Shares of sugar companies also climbed following reports that the government would announce a bailout package of over 70 billion rupees for cash-starved sugar mills to help clear dues to farmers. (Also read:Â Services Activity Shrinks For 1st Time In 3 Months, Shows Survey)
- "Key benchmark index nifty is unfolded into corrective pattern where it took the important resistance of 61.8% Fibonacci retracement of the recent fall from 10950 to 10400. 10800 level would be a strong resistance for the bulls to cross. While current chart structure of bank nifty suggest that it is oscillating in escalating channel. Traders should be cautious on the higher level and place the proper risk management", said Dyaneshwar Padwal AVP Technical Analysis, KIFS TradeCapital. (With inputs from Agencies)
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