Mumbai, 6 December (IANS). The Indian stock market closed flat on Friday after the RBI Monetary Policy Committee (MPC) announced its decision on repo and CRR rates. Selling was seen in IT, financial services and pharma sectors, while buying was seen in auto and metal stocks.
Sensex closed at 81,709.12, down 56.74 points or 0.07 per cent and Nifty closed at 24,677.80, down 30.60 points or 0.12 per cent. The outcome of the RBI MPC meeting kept the repo rate unchanged, but the 50 basis points cut in CRR was seen as the highlight.
By maintaining the repo rate at 6.5 per cent and reducing CRR by 50 basis points to 4 per cent, the central bank has infused Rs 1.16 lakh crore into the banking system. Nifty Bank closed at 53,509.50, down 94.05 points or 0.18 per cent. The Nifty Midcap 100 index closed at 58,704.60, up 263.05 points or 0.45 per cent. The Nifty Smallcap 100 index closed at 19,492.10, up 158.55 points or 0.82 per cent.
Krishna Appala of Capital Mind Research said the week saw a good recovery in the broader markets, with the Nifty gaining 3.2 per cent, while the midcap and smallcap indices gained 3.5 per cent and 3.3 per cent respectively.
“FIIs have also indicated a slow comeback, as data for the first week of December showed net cash inflows of around Rs 14,000 crore into the market, a relief after sustained selling pressure in November,” Appala said. A matter of.”
Bharti Airtel, Asian Paints, IndusInd Bank, Bajaj Finserv, Reliance, Infosys and UltraTech Cement were the top losers in the Sensex pack. Whereas Tata Motors, Axis Bank, Maruti, L&T and ITC were the top gainers.
Vipul Bhowar of Waterfield Advisors said the RBI’s repo rate decision reflects a careful balance between managing inflation and promoting economic growth in the context of challenging circumstances and an unpredictable global economic environment.
–IANS
SKT/ABM