Sensex Today: The Indian markets slid in noon deals of Friday’s volatile session after the Reserve Bank of India (RBI) maintained status quo and left repo rate unchanged at 4 per cent, while the stance remained accommodative.
The S&P BSE Sensex hovered around 52,180 levels, down 40 points, and the Nifty50 index was around the 15,700-mark. ONGC gained 2 per cent, and was the top Sensex gainer, followed by Larsen & Toubro and Mahindra & Mahindra (both up 1%).
The Nifty sectoral indices were mixed, with Nifty Bank index, down 0.37 per cent, bleeding the most. Meanwhile, the broader markets outperformed their benchmark peers, with the S&P BSE MidCap and SmallCap indices trading 0.33 per cent and 0.6 per cent higher, respectively.
The stock of India’s largest auto component maker shed 7 per cent on Thursday after brokerages downgraded it on higher valuations. A strong March quarter performance had seen the Motherson Sumi scrip jump about 13 per cent on Wednesday but the rally fizzled out.
Despite the stock volatility, the fundamentals have seen an improvement with gains including a robust order book, potential for margin gains, improvement in cash flows and debt reduction.
Shares of Bharat Forge moved higher by 8 per cent to Rs 749, also its 52-week high on the BSE in intra-day trade on Friday after the company reported a consolidated profit after tax of Rs 212 crore for the March quarter (Q4FY21), on healthy sales income. The auto ancillary company had posted a loss of Rs 68.6 crore in Q4FY20. The stock had hit a record high of Rs 800 on March 1, 2018.
The Reserve Bank of India’s on Friday kept the benchmark interest rate unchanged amid coronavirus uncertainty and fears over inflation. The repo rate (lending rate) will continue at 4 per cent and reverse repo rate (RBI’s borrowing rate) at 3.35 per cent. With this, the repo rate has remained unchanged for a sixth consecutive time.