Nifty struggles at 5950; PSU oil gas, FMCG outperform

Written By Unknown on Selasa, 16 Juli 2013 | 14.03

12:27

Moneycontrol Bureau
Live Market Commentary

Indian equities continue to reel under pressure with the Nifty falling nearly 90 points to below 5950, led by big cuts in the banking and financial space. The midcap index suffered too, smaller banks shed anywhere between 5 to 9 percent.

The BSE Sensex is down 248.65 points or 1.24 percent at 19785.83, and the Nifty is down 89.70 points or 1.49 percent at 5941.10. Declining shares outnumbered advancing ones by 1234 to 621 on the BSE.

The Reserve Bank of India finally announced measures to curb excess liquidity in the system. The marginal standing facility rate raised to 10.25 percent and also the total funds available under its repo window will now be capped at Rs 75,000 crore.

The rupee opened over a percent higher at 59.20 to the dollar thanks to the rupee tightening steps, but has since given up some gains on dollar buying by importers in very thin trades. Dealers expect the impact of the RBI's steps to hit home tomorrow, when the restrictions on borrowing from RBI kick in. The rupee is up 51 paise to 59.38 per dollar.

Banking & financial, capital goods, auto, realty and metals stocks remain under pressure, but FMCG, PSU oil & gas and select technology stocks gained.



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