A day after RBI cut key policy rates and banks’ CRR, the Indian equity markets closed flat but Sensex remained above 20,000 levels on profit booking and as cautious sentiment prevails ahead of the Union Budget
Sensex closed at 20005.00, up 0.07 percent and the Nifty closed at 6055.75, up 0.10 percent.
India is looking at “some other” steps to curb gold import which has led to widening of the Current Account Deficit (CAD), Finance Minister P Chidambaram has said. “We have thrown some sand in the wheels by raising the taxes,” the Minister said, adding that linking the two schemes “will unfreeze 15, 20 tonnes of gold, idle gold, and bring it into the market. So if that idle gold comes into the market, it will moderate imports,” Chidambaram said.
In addition, The Indian rupee rose to its highest level in more than three months on Wednesday on the back of dollar inflows for upcoming share sales and positive sentiment from a stronger euro. Traders said exporters were also seen selling the greenback of expectations of a stronger rupee in the near-term. India’s ministerial panel approved selling a 10 percent stake in Oil India on Feb. 1, the oil secretary said.
Stocks in news
Idea Cellular Shares in Idea Cellular closed 0.57 percent down after the mobile phone carrier posted weaker-than-expected October-December net profit.
Glenmark closed down 1.73 percent after the company posted a consolidated net profit of Rs 213 crore.
IDBI Bank closed down 0.65 percent after the bank cut its base rate by 25 basis points.
HDIL closed down 5 percent after Credit Suisse sold nearly 10 million shares, equivalent to 2.36 percent stake, in the company through open market transactions.
Bharti Airtel closed down 1.22 percent after the company bid for telecom licence in Myanmar.
Yes Bank closed up 1.45 percent higher after the company said that it is looking for acquisitions in the banking and brokerage space.
With inputs from Agencies