The Sensex slipped as the RBI raised interest rate and repo rate.
Tracking negative Asian cues, the Sensex opened weak at 14,086, down 263 points over the previous close and slipped further to touch the day's low.
The market remained subdued ahead of the Reserve Bank India's (RBI) credit policy announcement. The Sensex lost momentum closer to the credit policy announcement and witnessed a fall on reports that the RBI has raised all the key rates in its credit policy. The Sensex lost to touch the day's low of 13,727, loosing 622 points from its previous close on the back of sustained selling in the banking stocks. The market however did shed some loss towards the close on buying in the Sensex heavyweights and information technology (IT) stocks. The Sensex finally ended the session with a loss of 558 points at 13,792, while Nifty tumbled 142 points to close at 4,190.
The market breadth was negative. Of the 2,707 stocks traded on the BSE, 1,672 (61.5%) stocks declined, 963 (35.8%) stocks advanced and 72 (2.6%) stocks ended unchanged. Among the sectoral indices the BSE Bankex lost 8.31% and the BSE Realty Index declined 5.54%. Other sectoral indices were down above 1-4% each, while the BSE FMCG index ended positive.
The laggards in the market were led by HDFC Bank, which lost 8.71% to Rs1,028.90. Among the other major losers, ICICI Bank declined 8.45% to Rs607.40, Reliance Infra moved down by 7.99% to Rs908.05, Maruti Suzuki India tumbled 7.03% to Rs567.65, State Bank of India scaled down by 6.84% to Rs1,321, Tata Motors was down 6.84% at Rs396.80 and L&T was down by 6.52% to Rs2,546.10. Select index stocks however gained during the day. Hindustan Unilever was the major gainer and rose 2.86% to Rs237.50. Sterlite Industries India soared 1.68% to Rs592.05, Tata Consultancy Services surged up by 0.27% to Rs808.25 and Infosys was up 0.06% at Rs1,539.90.
Over 1.97 crore Reliance Natural Resources shares changed hands on the BSE followed by HFCL (1.27 crore shares), IFCI (1.27 crore shares), Ispat Industries (97 lakh shares) and Polaris (83 lakh shares).
European Indices at 16:02 IST on 29-07-2008
Index
Level
Change (pts)
Change (%)
FTSE 100 Index
5295.90
-16.70
-0.31
CAC 40 Index
4262.94
-61.51
-1.42
DAX Index
6282.22
-68.93
-1.09
Asian Indices at close on 29-07-2008
Index
Level
Change (pts)
Change (%)
Nikkei 225
13159.45
-194.33
-1.46
Hang Seng Index
22258.00
-429.21
-1.89
Kospi Index
1567.20
-31.09
-1.95
Straits Times Index
2886.56
-23.80
-0.82
Jakarta Composite Index
2278.68
3.00
0.31
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