Sensex tanks over 200pts; repo cut by 25 bps, CRR unchanged

The market has fallen sharply after RBI has kept cash reserve ratio (CRR) unchanged. The Sensex is down 274.08 points or 0.9 percent at 27574.91 and the Nifty is down 93.25 points or 1.1 percent at 8340.15. About 818 shares have advanced, 1243 shares declined, and 128 shares are unchanged.

The Reserve Bank of India has slashed the repo rate by 25 basis points. The repo rate is now 7.25 percent. Consequently, the reverse repo rate moves lower to 6.25 percent.

Hero, HDFC, ITC, Tata Power and SBI are major laggards in the Sensex. Among the gainers are Bharti Airtel and TCS.

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Posted in: Indian Market Tips