Sensex slides 209 pts; RBI keeps policy rates unchanged at 6.5%

The domestic equity benchmarks continued to trade with minor losses in morning trade. The Nifty traded below the 24,250 mark. IT shares declined after advancing in two previous trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 209.24 points or 0.26% to 79,258.59. The Nifty 50 index lost 58.95 points or 0.24% to 24,238.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index added 0.55%.

The market breadth was positive. On the BSE, 1,999 shares rose and 1,524 shares fell. A total of 166 shares were unchanged.

Economy:

The Reserve bank of India, in its bi-monthly monetary policy kept benchmark repo rate unchanged at 6.5%, maintaining the same level for the eighth consecutive review since February 2023. According to RBI Governor MPC decided to remain focused on withdrawal of accommodation stance. MPC judged that it is important for monetary policy to stay the course while maintaining close vigil on risks. Governor Shaktikanta Das said that ensuring price stability eventually results in and supports a period of sustained growth. He said, “We have decided to focus on inflation and support price stability to ensure growth.”

New Listing:

Shares of Ceigall India were currently trading at Rs 410 at 10:10 IST on the BSE, representing a premium of 2.24% as compared with the issue price of Rs 401.

The scrip was listed at Rs 413, exhibiting a 2.99% premium to the issue price.

So far, the stock has hit a high of 425 and a low of 409.75. On the BSE, over 5.02 lakh shares of the company were traded in the counter so far.

Results today:

Page Industries (down 0.47%), Eicher Motors (down 0.53%), Biocon (down 0.27%), ABB India (up 0.04%), Rail Vikas Nigam (RVNL) (down 1.33%), MRF (down 1.53%), VA Tech Wabag (up 3.51%), Sadhar Technologies (down 1.75%), Cochin Shipyard (down 0.84%), Alembic Pharmaceuticals (up 3.17%), Astral (down 0.79%), AstraZeneca Pharma India (down 0.12%), Avalon Technologies (down 0.02%), Bharat Forge (down 1.02%), Birla Corporation (down 0.79%), Concor (down 0.25%), Galaxy Surfactants (down 0.21%), Greaves Cotton (up 3.66%), Garden Reach Shipbuilders & Engineers (down 1.74%), Gujarat State Petronet (up 0.27%), HBL Power Systems (up 1.17%), HealthCare Global Enterprises (down 0.37%), IFCI (down 1.82%) India Shelter Finance Corp (up 0.15%), Ircon International (up 0.82%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty IT index fell 0.96% to 38,819.85. The index gained 2.01% in past two trading sessions.

Infosys (down 1.67%), LTIMindtree (down 1.3%), Mphasis (down 1.1%), Wipro (down 0.99%), Coforge (down 0.96%), L&T Technology Services (down 0.56%), Persistent Systems (down 0.46%), Tata Consultancy Services (down 0.07%), HCL Technologies (down 0.05%) declined.

Stocks in Spotlight:

Radico Khaitan added 2.28% to Rs 1,707.95 after the company’s standalone net profit jumped 20.7% to Rs 76.3 crore during the quarter as compared with Rs 63.2 crore in Q1 FY24. Revenue from operations (excluding excise duty) increased 19.1% YoY to Rs 1,136.5 crore during the quarter.

Balaji Amines slipped 5.60% after the company’s consolidated net profit declined 32.7% to Rs 45.6 crore during the quarter as compared with Rs 67.7 crore posted in corresponding quarter last year. Revenue fell 17% to Rs 385 crore during the quarter as compared with Rs 464 crore in Q1 FY24.

Apollo Tyres fell 2.11% after the company’s consolidated net profit declined 24% YoY to Rs 302 crore in Q1 FY25 as compared with Rs 397 crore in Q1 FY24. Revenue increased 1.4% YoY to Rs 6,335 crore in Q1 FY25.