Stock market not happy with Reserve Bank’s announcements, Sensex closes by 131 points, slight rise in Niftytechblog
Encouraged by the government-announced package to relieve the economy amid lockdowns caused by the corona virus, the stock market was disappointed by the Reserve Bank’s decisions. The open market, with a strong bounce in the morning, lost the edge following the RBI announcements. The 30-share index of the Bombay Stock Exchange fell 131.18 points to close at 29,815.59. It had once reached 31,126.03 during day trading. The Nifty of the National Stock Exchange closed at 8,660.25 with a slight gain of 19.80 points.
The Sensex opened 886.02 points early in the morning at 30,832.79, while the Nifty started trading at 8967.85 with a jump of 326 points. At around 10 in the morning, the Sensex was up about 1000 points and the Nifty was up 329 points.
The stock market has been depressed by the Reserve Bank’s announcements for the economy due to the lockdown. Reserve Bank Governor Shaktikanta Das made several big announcements, including a reduction of 75 basis points in the repo rate. After this the market came in red mark. On Thursday, the Sensex gained 1410.99 points to close at 29,946.77, while the Nifty jumped 323.60 points to 8641.45. IndusInd Bank shares were up 45.07% on the Sensex.
Axis Bank, ITC, NTPC, M&M, ICICI, SBIN, Infosys, PowerGrid, Titan, TCS, Kotak Bank, Nestle India, HDFC shares rose on the Sensex, while Sun Pharma, LT, ONGC, Reliance, HDFC Bank, Asian Paint, Shares of Tech Mahindra, Bajaj Auto, Ultra Cement, Tata Steel, Hindustan Unilever, HCL Tech, Maruti, IndusInd Bank, Bharti Airtel, HeroMoto Corp, Bajaj Finance Su remained in red mark.
On the Nifty, shares of Coal India, Axis Bank, Cipla, NTPC, ITC were the top gainers, while Bajaj Finance, Hero Moto Corp, IndusInd Bank, GAIL, Maruti were in the top losers category.