Stock markets settle flat in volatile trade ahead of RBI's interest rate decision
The Hindu
Benchmark stock indices Sensex and Nifty closed flat in a volatile trade on February 7 ahead of Reserve Bank of India’s (RBI) interest rate decision on February 8. The 30-share BSE Sensex declined 34.09 points or 0.05% to settle at 72,152. During the day, it hit a high of 72,559.21 and a low of 71,938.22. The Nifty ended marginally up by 1.10 points or 0.01% to 21,930.50.
Benchmark stock indices Sensex and Nifty closed flat in a volatile trade on February 7 ahead of Reserve Bank of India’s (RBI) interest rate decision on February 8.
The 30-share BSE Sensex declined 34.09 points or 0.05% to settle at 72,152. During the day, it hit a high of 72,559.21 and a low of 71,938.22. The Nifty ended marginally up by 1.10 points or 0.01% to 21,930.50.
IT shares TCS, Infosys and Tech Mahindra declined due to profit taking offsetting gains from select banking and pharma shares.
"The domestic market exhibited cautious range-bound movement, despite robust PMI data and favourable global cues ahead of RBI policy meet. While no change in stance is anticipated, the RBI's commentary on any hints regarding potential rate cuts and improvements in liquidity will be closely monitored," Vinod Nair, Head of Research, Geojit Financial Services said.
Among the Sensex firms, State Bank of India rose the most by 3.78% after the bank announced the acquisition of SBI CAPS subsidiary for ₹708.07 crore. Nestle India gained 1.68% after it reported around 9% growth in sales. JSW Steel, Bajaj Finance, Axis Bank and Asian Paints were among the gainers.
Tech Mahindra, Power Grid, Infosys, Tata Consultancy Services, HDFC Bank, Wipro, Larsen & Toubro and NTPC were the major laggards.
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