Sensex, Nifty close in red after RBI keeps rate unchanged

Sensex cos to see 9.1% growth in profits in Q4 FY'17: Deutsche

It is largely expected that the RBI will not bring any change in the policy repo rate though it may announce some steps to mop-up the excess liquidity floating in the banking system.

Indian shares ended slightly lower on Thursday after the Reserve Bank of India kept its key repo rate unchanged but lifted the reverse repo rate unexpectedly by a quarter point, citing upside risks to inflation.

The Reserve Bank also narrowed policy rate corridor, due to liquidity flush, by increasing marginal standing facility rate and bank rate to 6.50 per cent.

The 30-share BSE Sensex stayed in the red zone throughout the session, shuttling between 29,954.25 and 29,817.59, before finishing at 29,927.34, down 46.90 points, or 0.16%.

On similar lines, the National Stock Exchange index Nifty continued its record-setting spree by gaining another 27.10 points, or 0.29 per cent, to trade at new high of 9,264.95. At 9.15am, the home currency was trading at 65.06, down 0.27% from its Wednesday's close of 64.88.

Sector-wise, the S&P BSE consumer durables index plunged by 100.78 points, followed by the healthcare index, which dipped by 98.18 points, and the FMCG index, which fell by 73.47 points. Weak global cues also weighed.

In contrast, the BSE market breadth was bullish - with 1,472 advances and 1,419 declines.

Bucking the trend, stocks of Bajaj Auto, Infosys, Axis Bank, Tata Motors, GAIL, NTPC and NTPC were trending higher by up to 1.55% as investors engaged in widening their bets. Shanghai Composite Index gained 1.11 per cent. European markets too were trading in the negative terrain in their early deals.

Meanwhile, the rupee staged a stellar comeback after a brief pause and hit 17-month peak of 64.87 by gaining 16 paise against the United States dollar on heavy selling of the American currency by banks and exporters.

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