Benchmark indices have slipped further into the red with Nifty down 148 points and is trading at 11,873 mark while the Sensex plunged 450 points and is trading at 39,627 level.
The Monetary Policy Committee (MPC), on expected lines, slashed the repo rate by 25 bps on June 6 as the growth in the gross domestic product (GDP) moderated to a 21-quarter low in Q4FY19. The Committee also changed the stance to ‘Accommodative’.
RBI finds sharp slowdown in investment activity along with a continuing moderation in private consumption growth a matter of concern.
“The headline inflation trajectory remains below the target mandated to the MPC even after taking into account the expected transmission of the past two policy rate cuts,” RBI said in a note.
The banking index along with the real estate sectors are the biggest underperformers, each down over 2 percent.
The top losers from the banking space included Bank of Baroda, IndusInd Bank and IDFC First Bank which are down over 6 percent each followed by YES Bank, PNB and Federal Bank.
From the real estate space, the top losers are Godrej Properties, Unitech, Oberoi Realty, Sobha and Phoenix Mills.
Nifty Auto is also down a percent dragged by Ashok Leyland, Exide Industries, Mahindra & Mahindra, Tata Motors DVR, Tata Motors, MRF and Amara Raja Batteries.
The top gainers from the NSE include Coal India, Asian Paints, Power Grid, Titan Company and Hindustan Unilever while the top losers are GAIL India, Indiabulls Housing Finance, IndusInd Bank, YES Bank and State Bank of India.
The most active stocks are SBI, Indiabulls Housing, Axis Bank, HDFC Bank and Reliance Industries.
India VIX is up 1.09 percent at 15.80 levels.
Star Cement, Refex Industries, PFC, Indraprastha Gas and Havells India hit new 52-week high on BSE.
159 stocks have hit 52-week low on BSE including Eros Media, DHFL, Reliance Infra, Jain Irrigation, Ashapura Intimates, Mercator, Central Bank of India and Fortis Healthcare among others.
The breadth of the market favoured the declines as 402 stocks advanced and 1328 declined while 365 remained unchanged on the NSE. On the BSE, 656 stocks advanced, 1765 declined and 147 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.