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MUMBAI, JAN 31: Reserve Bank of India (RBI)’s third quarterly review of annual statement and Tata Steel’s successfull bid for the Corus group took a heavy toll on the domestic equity bourses. The RBI’s announcement of hiking the repo rate by 25 basis points (bps) to 7.50% from 7.25% weighed heavily on the 30-share Sensex of the Bombay Stock Exchange (BSE), which plunged by 121.04 points or 0.85% to close at 14,090.92 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) was also impacted and was down by 41.75 points or 1.01% to close at 4,082.70 points.
The Sensex opened on a positive note on Wednesday and went on to touch a high of 14,269.31 points. With the market pundits predicting a negative outlook on Tata Steel in the short term, BSE metal Index was under pressure and pulled down the whole market downwards. The benchmark index touched an intra-day low of 14,045.61 points.
Manish Sonthalia, V-P, market strategist and portfolio Manager, Motilal Oswal Securities, said, “A number of factors have weighed on Wednesday’s market like RBI’s credit policy, Tata-Corus deal and a weak Asian and Global markets, which dragged the markets downwards. |
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