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(22/05/2020 11:46)

Sensex plunges 234 pts as RBI sees contraction in FY21 GDP growth

Indian markets were trading lower on Friday after RBI Governor Shaktikanta Das said the GDP growth in FY21 is expected to be in negative territory. Besides, the Reserve Bank of India (RBI) also slashed repo rate by 40 basis points (bps) to 4 per cent and maintained the stance 'accomodative'. Consequently, reverse repo rate now stands at 3.35 per cent from 3.75 per cent earlier.

At 11:38 hours, the 30-share benchmark index was trading at 30698.57 down by -234.33 points or by -0.76 % and then NSE Nifty was at 9012.85 down by -93.4 points or by -1.03 %.

Sensex touched intraday high of 31107.91 and intraday low of 30474.88 The NSE Nifty touched intraday high of 9149.6 and intraday low of 8968.55

The top gainers of the BSE Sensex pack were Infosys Ltd. (Rs. 692.55,+3.06%), Asian Paints Ltd. (Rs. 1619.40,+2.82%), Tata Consultancy Services Ltd. (Rs. 2008.80,+0.87%), Mahindra & Mahindra Ltd. (Rs. 524.10,+0.81%), Hindustan Unilever Ltd. (Rs. 1977.60,+0.34%), among others.

The top losers of the BSE Sensex pack were Axis Bank Ltd. (Rs. 340.55,-4.69%), ICICI Bank Ltd. (Rs. 291.45,-4.24%), Bajaj Finance Ltd. (Rs. 1905.00,-4.22%), Housing Development Finance Corporation Ltd. (Rs. 1530.00,-4.15%), Tata Steel Ltd. (Rs. 276.00,-2.68%), among others.

Among the sectors, TECk index was at 7247.17 up by 98.24 points or by 1.37%. Tejas Networks Ltd. (Rs. 31.35,+4.85%), Zee Entertainment Enterprises Ltd. (Rs. 160.00,+4.10%), Infosys Ltd. (Rs. 692.55,+3.06%), Sun TV Network Ltd. (Rs. 397.40,+2.90%), Bharti Infratel Ltd. (Rs. 211.00,+2.50%),.

_Bankex index was at 19924.79 down by -481.83 points or by -2.36%. Axis Bank Ltd. (Rs. 340.55,-4.69%), ICICI Bank Ltd. (Rs. 291.45,-4.24%), RBL Bank Ltd. (Rs. 107.85,-3.66%), Federal Bank Ltd. (Rs. 38.20,-2.92%), IndusInd Bank Ltd. (Rs. 337.70,-2.67%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2128 , shares advanced were 786 while 1201 shares declined and 141 were unchanged.