Stock Market Sees Strong Surge, Banking and Other Sector Witness Significant Gains
Stock Market: The Reserve Bank of India has cut the repo rate by 25 basis points, bringing it down from 5.50 percent to 5.25 percent. Meanwhile, a strong rally is being witnessed in the stock market. Due to a strong rally in banking and defense stocks, the Sensex is trading more than 200 points higher at over 85500, while the Nifty is up 75 points at over 26100. The Bank Nifty has jumped by nearly 200 points.
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RBI has cut the repo rate by 25 basis points
12 shares on the BSE Sensex are trading lower, while 18 shares have seen a significant surge. Banking, defense, and IT stocks are leading this rally. The biggest gains are being seen in shares like Zomato, BEL, and Bajaj Finance. Shares of Reliance, Trent, Bharti Airtel, and Tata Motors are down by about 1 percent.
These shares fell the most:
Shares of Hindustan Construction Company have fallen by about 8 percent today, currently trading at Rs 20. Similarly, shares of Kaynes Technology India have fallen by more than 4 percent. India Cement and Route Mobile shares have also declined by 4 percent.
Sectors that saw a surge
In terms of sectors, excluding Media, Metal, Pharma, PSU Banks, Healthcare, and Consumers, the IT, FMCG, and Auto sectors have seen a surge. Shares in these sectors are showing strong gains. Defense stocks are also showing good momentum. A total of 3,342 shares are active on the BSE today, with 1,326 shares showing gains and 1,847 shares declining. 169 shares remain unchanged. 42 shares are at their 52-week high and 140 shares are at their 52-week low. 72 shares have hit the upper circuit and 66 shares have hit the lower circuit.
Waiting for the RBI's decision
It is noteworthy that the decisions taken at the Reserve Bank of India's two-day monetary policy meeting will be announced today. RBI Governor Shaktikanta Das will announce the RBI's decisions, which are expected to include a cut in the repo rate.
Summary
It is anticipated that the RBI may cut the repo rate by 25 basis points. However, the stock market is not yet reacting to this expectation.
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