Money & Banking
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Credit Policy
Markets
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Stock Markets
Sensex eases from peak level, closes 70 points up
Our Bureau
Mumbai
,
Oct 25
STOCK prices rose on Tuesday, as the RBI did not increase the bank rate as anticipated by some market players. However, they lost part of the gains during the day.
BSE Sensex which opened firm in the morning, continued to rise and intra-day was up more than 150 points.
However, some selling at higher levels pulled down the Sensex and it ended the day 70.94 points (0.9 per cent) higher at 7991.74.
On NSE, S&P CNX Nifty was up 23.35 points (1 per cent) to close at 2418.20.
Today's major trading was witnessed in banking sector stocks as the RBI did not hike bank rate and important decisions were in line with expectations.
BSE Bankex rose 1.42 per cent and NSE's Bank Nifty rose 1.77 per cent.
"There was no surprise in the Credit Policy and most of the RBI decisions were in line with the market expectation," said Mr R. Shree Shankar, Head of Research, IL&FS Investmart.
Some brokers said the upward move had nothing to do with the Credit Policy, but more to do with the expiry of derivatives contracts on Thursday.
"Just before the expiry, there is upward movement in stock prices and this is what happened in today's trading," said a dealer with a domestic broking firm.
The overall mood in the market was still pessimistic at close and the rollover of contracts in the derivatives market in the next two days would determine the market trend, dealers said.
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