India’s benchmark indices ended the trading session in the red on Thursday, a day after the Reserve Bank of India cut its key rates by 25 basis points. The Bombay Stock Exchange Sensex closed 239 points lower at 32,238, while the Nifty 50 lost 68 points to close at 10,014.
Bharti Airtel (1.82%), Reliance Industries (1.45%), Bajaj Auto (1.29%) and Hero MotoCorp (0.96%) were the major gainers on the Sensex during Thursday’s session. Reliance Industries touch a new high of Rs 1,665 and posted a 1.59% increase.
Ambuja Cements, Indian Oil Corporation, ACC, Aurobindo Pharma and Bharti Infratel were the biggest gainers on the Nifty.
Banking stocks took a major hit following the RBI repo rate announcement. Axis Bank, State Bank of India, Lupin and Coal India were the major losers during the day. “Bank stocks are down mostly because of lack of clarity from the RBI,” said Sudhakar Pattabiraman, head of research operations at William O’Neil India told Reuters.