Sensex closes flat, realty, banking shares up on RBI rate cut hopes
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In see-saw trade ahead of RBI's monetary policy review tomorrow, the BSE benchmark Senxex ended flat at 20,103.35, even as interest rate sensitive realty, auto and banking indices ended higher on hopes of a cut in key policy rates by the central bank.
The Sensex commenced higher at 20,172.45 on good buying support in rate sensitive shares but soon dipped to a low of 20,062.79 points.
Finally, it ended at 20,103.35, 0.18 point lower than its last close. It had spurted by 179.75 points or 0.90 per cent on Friday.
The Sensex failed to hold on to its gains on profit-booking ahead of the expiry of Futures and Options contract on coming Thursday.
However, the NSE 50-share Nifty edged up by 0.15 points to finish at 6,074.80.
"Volatility was high ahead of RBI monetary policy tomorrow.... Investors booked profit after strong gains, showing caution at higher levels. Market breadth was positive and volumes were much lower than the last day," said Nidhi Sarswat, Senor Research Analyst, Bonanza Portfolio Ltd.
Buying was prominent in realty, auto and banking sectors, Sarswat added.
BSE-Realty index rose by 1.84 per cent, BSE-Auto by 1.03 per cent and Bankex 0.68 per cent.
Shares of IT sectors too were in demand on good buying enquiries, while from refinery, Consumer Durable and Capital Goods declined on selling pressure.
Milan Bavishi of Inventure Growth & Securities said it was a see-saw session in markets ahead of the RBI¿s policy review tomorrow. "The street is expecting at least a 25 basis point cut in benchmark rates."
Of Sensex stocks, Tata Motors gained by 2.49 per cent, followed by Hero MotoCorp 1.84 per cent, Hindalco 1.72 per cent, Sterlite Industries 1.60 per cent, ICICI Bank 1.52 per cent.
The Reserve Bank of India (RBI) is schedueled to unveil third quarter monetary policy review tomorrow.
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