10 stocks that cracked most post RBI policy
The 30-share Sensex plunged 792 points, or 2.25 per cent, to 34,377.
The 30-share Sensex plunged 792 points, or 2.25 per cent, to 34,377, with 27 stocks in the red.
The Nifty50 closed 283 points, or 2.67 per cent, down at 10,316.45. Among the 50 stocks in the Nifty index, only eight could manage to finish in the green.
The six-member monetary policy committee of the Reserve Bank of India on Friday refrained from increasing the repo rate, the short-term lending rate. The policy rate stands at 6.5 per cent.
Consequently, the reverse repo rate under the LAF remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
However, the RBI committee shifted to 'calibrated tightening stance'.
"This is a risky move by RBI since the market was positioned for a rate hike, purely as a rupee defence. In its absence currency and asset markets could see sharper corrections," said Abheek Barua, chief economist at HDFC Bank.
Let's take a look at top 10 losers on BSE:
- HPCL plunged 25.18 per cent to settle at Rs 165.05.
- BPCL cracked 21.11 per cent, settling at Rs 265.35.
- GCM Capital Advisors tanked 20 per cent on BSE, finishing the day at Rs 1.68.
- Kovilpatti Lakshmi Roller Flour Mills declined 16.81 per cent to Rs 38.60.
- Indian Oil Corporation plunged 16.19 per cent to end at Rs 118.05.
- ONGC plunged 15.93 per cent to Rs 146.95.
- JTL Infra plunged 15.69 per cent to finish at Rs 98.85.
- Jeevan Scientific Technology suffered a loss of 14.91 per cent. The stock settled at Rs 26.25 on BSE.
- Frontline Securities tanked 13.85 per cent to Rs 60.
- Prithvi Exchange (India) declined 13.67 per cent, finishing at Rs 36.
ONGC, Reliance Industries, Adani Ports, State Bank of India and Bharti Airtel stood as the top five losers in the Sensex index.