The Indian Share Market continued to see marginal selling pressure, though it recouped losses from day's low post rate cut by RBI. Pharma, metals and telecom stocks remained under pressure while select technology, capital goods and banking & financials supported the market. The Sensex fell 25.93 points to 25590.91 and the Nifty dropped 11.45 points to 7784.25.
About 866 shares have advanced against 1306 shares declined on the BSE. The Reserve Bank of India surprised street by cutting repo rate by 50 basis points to 6.75 percent against forecast of 25 basis points. Repo rate slipped below 7 percent for first time Since March 2011. Andhra Bank is the first one which reacted by cutting its base rate by 25 basis points to 9.75 percent w.e.f. today post RBI's surprise repo rate cut.
The Indian Stock market recovered sharply with the Nifty hitting 7800-mark after the Reserve Bank of India surprisingly cut repo rate by 50 basis points. Equity benchmarks are still under pressure though showed smart recovery from days low. The Sensex declined 97.82 points to 25519.02 and the Nifty fell 36.70 points to 7759. About 801 shares have advanced, 1338 shares declined, and 98 shares are unchanged on the BSE.