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RBI repo-rate cut fails to cheer Benchmarks; Banks Slid, IT Up

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The domestic markets, after having risen just in the morning session, closed on negative terrain with fifth consecutive slide ending on Friday.

Looking on a weekly basis, the Sensex closed down by 2.57%, while the Nifty index also down by 2.6%.

The BSE benchmark Sensex closed 433 points down at 37673, after having risen 297 points  during Intra-day  on Friday. The NSE Nifty ended 139 points lower which closed at 11,174.75.

The RBI, on Friday, slashed the repo-rate by 25-bps, which rate currently stands at 5.40% after the latest rate cut. The monetary policy position is maintained to be Accommodative, which indicates at another rate cut.

Oil and Natural Gas Corp, TCS, Wipro, Infosys and Tech Mahindra were the top Nifty gainers , while Zee Entertainment, Grasim, UltraTech Cement, JSW Steel and Grasim were among advanced losers. Get best stock Tips from the experts.

Selling pressure weighed in all sectoral indices, barring Nifty IT, for the day. The rate sensitve stocks such as banking, financial and Auto indices under-performed benchmarks. The Nifty Private Bank, PSU bank and the popular Bank Nifty slid beyond 2% while Nifty Financial Services index shed close to 2%.

The Media index tumbled the most 358% while Nifty FMCG hit a minimum loss 1.5%, however the single index, the Nifty IT, rose 0.41% for the day. For Free stock tips  visit our website.