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Nifty breaks 8600 post RBI policy; banks drag, Infosys down

The market fell further in afternoon trade on profit booking post RBI policy. The Sensex shed 161.33 points to 28343.13 and the Nifty dropped 54.45 points to 8605.45.

12:00

The News International Team

12:40pm Europe Update: European markets opened higher following uptrend in Asian peers and gains on Wall Street last night. France’s CAC and Germany’s DAX gained 0.7 percent while Britain’s FTSE climbed 1 percent.

12:30pm Nifty breaks 8600: The market fell further in afternoon trade on profit booking post RBI policy. The Sensex shed 161.33 points to 28343.13 and the Nifty dropped 54.45 points to 8605.45.

About 1239 shares have advanced, 1183 shares declined, and 165 shares are unchanged on the BSE.

12:15pm Glenmark in News: Glenmark Pharmaceuticals today said it has received the final approval from the United States Food and Drug Administration (USFDA) for sale of drugs meant to prevent post-menopause osteoporosis.

The approval for sale of Norethindrone Acetate and Ethinyl Estradiol tablets was given to Glenmark Generics Inc USA, a subsidiary of Glenmark Generics Ltd.

Glenmark Generics Inc USA has been granted final abbreviated new drug approval (ANDA) from the USFDA for Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 0.5 mg/2.5 mcg and 1 mg/5 mcg.

12:00pm Market Check

The market fell nearly half a percent in noon trade post RBI policy. The Sensex slipped 104.03 points to 28400.43 and the Nifty dropped 35.60 points to 8624.30 due to selling in banking & financials.

ICICI Bank, State Bank of India, HDFC and Axis Bank shed 1-1.8 percent. The Reserve Bank of India kept repo rate unchanged at 7.5 percent, waiting for more clarity on inflation after heavy rains raised uncertainty about food prices and seeking to grant banks more time to reflect its previous rate cuts.

Rajan also said he doubts that the US Federal Reserve’s policy will be constraining when the RBI moves again and though the Fed changes will create some volatility, they will not be central to India.

However, the broader markets outperformed marginally. About 1282 shares have advanced, 1066 shares declined, and 159 shares are unchanged on the BSE.

11:00

Sensex, Nifty rangebound; RBI targets CPI at 4% by FY18

The market remained lacklustre post announcement of RBI policy. The Reserve Bank of India kept repo rate unchanged at 7.5 percent and cash reserve ratio at 4 percent.

Read More »

10:00

Nifty choppy, RBI policy eyed; Sun Pharma down, RIL gainsRead More »

Equity benchmarks are volatile ahead of RBI monetary policy. The Sensex rose 37.56 points to 28542.02 and the Nifty gained 5.30 points at 8665.20.

Read More »

09:15

Sensex, Nifty open higher ahead of RBI policy; HDFC leadsRead More »

The market gained further in early trade ahead of RBI policy. The Sensex rose 81.51 points to 28585.97 and the Nifty advanced 16.70 points to 8676.60. About 594 shares have advanced, 135 shares declined, and 88 shares are unchanged on the BSE.

Read More »

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