Published: Sun, June 18, 2017
Markets | By Erika Turner

Sensex ends in green as RBI holds rates; banks top gainer

Sensex ends in green as RBI holds rates; banks top gainer

Mumbai: In a volatile session, the BSE benchmark Sensex Thursday fell by almost 58 points to 31,213 on profit-booking in recent gainers by investors, who maintained a cautious stance ahead of United Kingdom polls and the European Central Bank meeting.

But the market's record-setting spree short-lived and the 30-share Sensex shed almost 119 points to end at 31,190.56, while Nifty slumped nearly 38 points to finish at 9,637.15. Shanghai increased 1.23 per cent, Hang Seng declined 0.09 points.

On the other hand the broader 51-scrip Nifty at the National Stock Exchange (NSE) opened at 9,663.95 points after closing at 9,637.15 points. However, these were offset by losses in technology, energy and selecting banking shares. "Investors will now look forward to emerging confidence among industry participants as GST rollout approaches", Anand James, Chief Market Strategist, Geojit Financial Services Ltd said.

Indian equities dropped on Thursday erasing earlier gains.

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Shares of Tata Steel on BSE saw a 3.8 percent intra-day uptick to Rs 509.5, the highest since May 26 this year, after research firm CLSA raised its price target on the stock to Rs 710 from Rs 570, while reiterating a buy rating. Bharat Forge was the biggest gainer, the stock rose by 3.78 per cent and ended the session at Rs 1,210.30.

The monetary policy committee had on Wednesday left the policy repo rate at a 6-and-a-half year low of 6.25 per cent and the reverse repo rate at 6.0 percent.

In the sectoral landscape, IT stocks bled the most, plunging almost 2 per cent to settle at 10,178, with TCS (down 3.59 per cent) being the biggest loser.

Indian benchmark indices closed in the red after digesting RBI's policy rate action and growth outlook cut yesterday and ahead of the United Kingdom elections, the European Central Bank's policy meeting and ex-FBI Director James Comey's congressional testimony.

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