Sensex, Nifty end lower in a see-saw trade as RBI surprises with status quo; Bharti Airtel, Tata Steel among top losers

Mumbai: Benchmark indices Sensex and Nifty closed lower in topsy-turvy trade on Thursday after the Reserve Bank surprised with its decision to hold key policy rates.

#MarketAtClose | Banks drag market as #RBI maintains status quo in December policy; Sensex down 223 points & nifty 63 points from intra-day highs#RBIPolicy pic.twitter.com/3PiNG8WT56

— CNBC-TV18 (@CNBCTV18Live) December 5, 2019

At the closing bell, the 30-share BSE gauge Sensex was lower by 70.70 points or 0.17 percent at 40,779.59. The index swung between losses and gains after the central bank kept the rates unchanged. [caption id=“attachment_5263731” align=“alignleft” width=“380”] Representative image. Reuters[/caption] The 50-scrip NSE Nifty settled the day with a loss of 24.80 points or 0.21 percent at 12,018.40. On the Sensex chart, Bharti Airtel, Tata Steel, IndusInd Bank, HeroMoto Corp and Tata Motors were among the major laggards. On the other hand, TCS, ITC, L&T, Infosys and Tech Mahindra led the gains. Sectorally, metal index fell the most, followed by basic materials and energy indices. Capital goods, IT and tech indices moved higher. The RBI unexpectedly kept benchmark interest rates unchanged on concerns of headline inflation breaching its medium-term target. After five consecutive cuts in interest rates this year, the six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das unanimously voted to hold the key repo rate at 5.15 percent and reverse repo rate at 4.90 percent. Bankers and economists had widely expected the central bank to cut rates for a sixth time to support a slowing economy, whose growth rate slipped further to a six-year low of 4.5 percent in the September quarter from 7 percent a year back.