The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
Oil & gas, banking and pharma sector stocks stole the show
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
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The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
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Financials emerged as the top gainers while auto shares rallied on robust September sales
The 30-share BSE Sensex closed down 162 points at 28,338 and the 50-share Nifty was down 67 points at 8,463.
Financials were the top losers after sharp gains in the previous session along with ITC
Rate sensitive sectors rallied the most led by banks while metals surged on rebound in commodity prices
Market breadth is positive with 942 advances and 196 declines.
Mukesh Ambani-led RIL, which had a cash chest and marketable securities worth over Rs 90,000 crore (Rs 900 billion) at the end of the last fiscal, is known for very effectively managing its financial resources by placing them in liquid instruments and highly rated securities.
HDFC, TCS, RIL, ITC and ICICI Bank dragged the Sensex by over 100 points.
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The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
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ICICI Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Axis Bank, HDFC twins, SBI, L&T, ONGC and Infosys. On the other hand, Sun Pharma, Asian Paints, Nestle India, UltraTech Cement and HUL declined. NSE Nifty rose by 79.60 points or 0.67 per cent to 11,914.20.
Nifty50 surged 87 points to end at 8,157, highest closing levels since Oct 29, 2015.
The broader NSE Nifty moved between 10,705 and 10,785.55, before ending 25.15 points, or 0.23 per cent down at 10,716.55.
The 30 share Sensex ended up 183 points at 27,470 and the 50-share Nifty gained 44 points to close at 8,295.
The broader markets ended mixed with mid-caps gaining 0.1 per cent and small-caps falling 0.1 per cent on the BSE.
For banks to cut loan rates, the cost of deposits needs to come down, and there is no sign of that happening.
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Bankers remained ambivalent on the impact of Tuesday's policy announcement by Reserve Bank on the cost of funds and refrained from giving a guidance on the direction in which lending rates are headed.
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
Dr Reddy's was the top loser in the Sensex pack, shedding around 2 per cent, followed by Reliance Industries, Sun Pharma, HDFC twins, Infosys, M&M and PowerGrid. NSE Nifty slumped 137.65 points to 14,496.50.
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As the government plans to take sector-specific steps to tackle the slump, Finance minister Nirmala Sitharaman will soon hold talks with representatives from various sectors to get and take steps so that the confidence of those sectors can be restored.
Top 5 losers include Lupin, Cipla, Sun Pharma, Dr Reddy's Lab and GAIL down 1.6%-11%.
Barring oil and gas, all BSE sectoral indices finished in the green.
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