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Posted by Shyam as Market News
Indian stock markets which gained smartly about 2% in the last week was in a downturn today. RBI has increased the short term rates at which it borrows ad lends money to other banks by 25 basis points. This announcement came on Friday evening and the market was expected to react to this piece of news. Reality stocks were the worst hit today.
Sensex managed to close at 17410 levels down by 167 points or a fall of almost 1% and nifty declined by 5205 levels down by 1.1% today. The rate hike by RBI actually sucks money out of the system which leads to fall in the stock markets. The rate sensitive sectors like reality,banking,auto etc react to this news very much. The worst hit stocks include HDIL, DLF, Hindalco, ICICI, Maruti Suzuki, Tata motors etc. Shares of TCS has gained marginally. TCS is going to announce salary hike to its Employees after a long year in April.
The charts still indicate a bullish market in the near to short term. though the markets are looking tired out. On the upside we can see 5,300-5350 levels in nifty and 17,900 on sensex. But it needs some more boost to support such levels going ahead. The US markets has opened positive and has gained 0.4% in Dow and 0.5% in Nasdaq as of now. So if this continues we can see some losses getting recovered tomorrow in Indian stock markets.
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