Sensex falls over 205 points on RBI hawkish stance

Stocks bounce back

Bears lose grip as value-buying lifts Sensex 352 points

The broader NSE Nifty too slipped by 9.50 points, or 0.09%, to end at 10,118.25, after moving between 10,069.10 and 10,147.95.

Among the BSE sectoral indices, power fell 1.06%, followed by metal 0.85%, capital goods 0.62%, consumer durables 0.61%, infra 0.56%, auto 0.52% and IT 0.38%.

The benchmark BSE Sensex ended 1.08 percent higher at 32,949.21 in its biggest single-day rise since November 1. The Sensex and the Nifty had fallen in six of the previous seven sessions.

Trading mood was also impacted as Fitch Ratings yesterday cut the country's GDP growth forecast for the current fiscal to 6.7% from the earlier projected 6.9 per cent.

According to market observers, healthy buying in index heavyweights like Bharti Airtel, Maruti Suzuki, Bajaj-Auto and Asian Paints lifted the benchmark indices. Laggards included Infratel (-1.35%), Tech Mahindra (-0.51%), NTPC (-0.50%), HPCL (-0.44%), Ambuja Cements (-0.39%).

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Meanwhile, foreign portfolio investors offloaded shares worth net Rs 333.59 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 776.18 crore on Tuesday, as per provisional data. Reserve Bank of India Governor Urjit Patel said on Wednesday the government would "in the coming days" detail how it plans to inject an announced $32 billion into state-run lenders, which was announced in October.

However, broader gains were capped ahead of elections in Gujarat due this weekend, in a critical test for Prime Minister Modi.

The markets opened the Thursday's session on a positive note with key benchmark indices extending intra-day gains.

The National Stock Exchange's Nifty too was trading higher 57.40 points or 0.56 per cent at 10,179.20.

Interest-sensitive stocks took a beating, dragging the BSE banking index down by 0.49 percent.

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