Stock markets discount RBI rate cut, Sensex plunges 112 pts to end below 20K

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The Sensex ended lower by 112.45 points, or 0.56 per cent, to 19,990.90. (Reuters) The Sensex ended lower by 112.45 points, or 0.56 per cent, to 19,990.90. (Reuters)
SummaryThe news was discounted in recent rally, and that brought the markets down: Analysts

benchmark indices in Taiwan, China, Japan and South Korea closed with gains while from Hong Kong and Singapore ended with losses.

European stocks were trading steady to slightly weak in afternoon trade.

Moving to the local market, 22 scrips out of 30-share Sensex pack declined. Major losers were Hindalco (2.7 pc), Bajaj Auto (2.62 pc), HDFC Bank (2.61 pc), Bharti Airtel (2.43 pc), BHEL (2.12 pc), Gail India (1.98 pc), RIL (1.68 pc), Tata Steel (1.68 pc), Tata Motors (1.59 pc), Wipro (1.43 pc), SBI (1.32 pc), Sun Pharma (1.28 pc) and M&M (1.03 pc).

However, ITC rose by 1.73 per cent and Coal India by 1.62 per cent.

Among the sectoral indices, the BSE-Realty fell by 2.07 per cent, followed by BSE-Oil&Gas 1.35 per cent and BSE-Auto 1.12 pct.

"Significantly, various government reform measures drew favorable response from the RBI as the later expressed confidence of an upturn of the investment cycle on the back of this. This points to a more coordinated fiscal and monetary policy response going forward that augurs well for economy," said Motilal Oswal, CMD, Motilal Oswal Financial Services.

Market breadth today was, however, negative as 960 scrips finished with losses while 786 closed with gains. Total market turnover rose sharply to Rs 2,608.50 crore from Rs 2,009.83 crore yesterday.

Meanwhile, Foreign Institutional Investors (FIIs) picked up shares worth a net Rs 783.56 crore yesterday as per provisional data from the stock exchanges.

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