Sensex falls 205 points after RBI holds rate; banks bleed

Decision-Day Guide Watching For A Turn Toward Hawkish By RBI

Going forward, several analysts expect the RBI to keep rates on hold in the coming months, including at its next policy meeting, in February 2018.

Banking sector bled with medium-term rate cut hopes dashed, with RBI's move to maintain status quo sparking a sell-off in banking stocks. "We are hopeful that going forward the RBI would shift its policy stance from neutral to accommodative and effect a cut in interest rates to revive domestic demand, which would provide a fillip to broad-based investment activity which has yet to take off in a big way", said CII Director General (DG) Chandrajit Banerjee. Weak sentiment hovered over realty and automobile counters too.

The six-member Monetary Policy Committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, kept the policy rate unchanged on expected lines but raised the inflation forecast for remainder of the current fiscal to 4.3-4.7 per cent. Food prices are inching up due to unseasonal rains that hit the rabi crop and the fact that traders are passing on high prices to retailers. Punjab National Bank fell 1 percent, Yes Bank 0.8 percent, Bank of Baroda 0.7 percent, ICICI Bank 0.6 percent and HDFC Bank 0.5 percent.

Similarly, the NSE Nifty was trading lower by 78.70 points, or 0.77 per cent, at 10,039.55.

"On the macro front upcoming RBI policy and Gujarat state election will be an influential factor for investors which is steering the market to consolidate", said Vinod Nair, Head of Research, Geojit Financial Services.

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Apart from this, the Samsung Galaxy On Nxt is now available for Rs 12,900 against its original price of Rs 16,900. Apple iPhone 8 64GB and 8 Plus 64GB also available for a decent price at Rs 59,999 and Rs 68,999 respectively.

In sync with overall trend, the rupee too weakened to quote at 64.55 against the dollar intra-day.

In October, the government outlined a 2.11 trillion rupee ($32.71 billion) recapitalisation plan for state lenders, with 1.35 trillion rupees of it to be financed via recapitalisation bonds that the banks themselves will subscribe to.

In the auto pack, Mahindra & Mahindra skidded 1.37 per cent, Tata Motors 1.38 per cent and Bajaj Auto 1.65 per cent.

The mid-cap index shed 0.89% and small-cap declined 0.66%.

Other Asian markets closed lower. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.9 percent. London's FTSE rose 0.16% in late morning deals.

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