Research Reports

Nifty crashes on RBIs rate status quo

The market was prepared for one positive and one negative event today; a fractured verdict in the Greece polls, and back home, a 25-basis point reduction each in repo rate and cash reserve ratio. Investors did get their one good and one bad news, but not in the way they were expecting.

The pro-bailout New Democracy Party won the Greek elections, thereby reducing chances of a Euro break-up. The RBI however sprang a nasty surprise by leaving benchmark rates unchanged. Dejected bulls dumped the shares they had loaded up on in anticipation of the rate cuts, sending the main indices crashing.

The Nifty June Fut closed 81.7pts or 1.59% lower at 5,066.0. The Nifty June Fut premium narrowed to 1.75pts from 1.95pts in the previous session. Total turnover in the F&O segment was Rs.1,91,593crs. Vs. Rs.1,02,517crs. in the previous session. The biggest gainers in the F&O segment were India infoline, Educomp, Aban and GMR Infra. The biggest losers were S Kumars, Adani Ent, BGR Energy and IRB.