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  5. Markets back in green as RBI cuts CRR to 4%; select banking stocks rally

Market News

Markets back in green as RBI cuts CRR to 4%; select banking stocks rally

Upstox
By Upstox News Desk

2 min read | Updated on December 06, 2024, 10:38 IST

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SUMMARY

At 09:26 AM, the S&P BSE SENSEX was trading at 81,709.08 levels, down 57 points, or 0.07%, while the broader NIFTY50 index was trading at 24,693.30, down 15 points, or 0.06%.

Stock list

SPANDANA
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The NIFTY Bank index was trading at 53,703.35, up 100 points, or 0.19%.

The NIFTY Bank index was trading at 53,703.35, up 100 points, or 0.19%.

Stock market today: The domestic equity market, after dropping around 200 points (SENSEX), quickly turned green the moment RBI Governor Shaktikanata Das announced that the CRR had been reduced to 4% from 4.50% earlier.

At 10:29 AM, the S&P BSE SENSEX was trading at 81,839.55 levels, up 74 points, or 0.09%, while the NIFTY50 index was trading at 24,718.70, up 10.30 points, or 0.04%.

The central bank, as expected, maintained the status quo on the repo rate at 6.5% as well as retained the "neutral stance."

The NIFTY Bank index was trading at 53,703.35, up 100 points, or 0.19%. The top gainers on the index were Axis Bank, Canara Bank, Bank of Baroda, SBI, and ICICI Bank. 

The top five gainers on the NIFTY50 index were Bajaj Auto, Axis Bank, BPCL, ITC, Eicher Motors. The top five losers were Cipla, Infosys, HDFC Life, HUL, and Tata Motors.

Stocks in news

Among individual stocks, Spandana Sphoorty shares slipped 3% as rating agency ICRA has revised its outlook on Spandana Sphoorty (SSFL) to negative from stable while reaffirming its rating at ICRA A+ (negative) for both long-term fund-based term loans (₹2,105 crore) and non-convertible debentures (₹423 crore).
Shares of FSN E-Commerce Ventures, the parent firm of Nykaa, were trading over 1.7% lower at ₹164.60 apiece on the BSE as the company announced on Thursday that its chief executive officer (CEO), Nihir Parikh, has tendered his resignation due to personal commitments.

In a regulatory filing to the BSE and NSE, the company said Parikh’s resignation will come into effect at the close of business hours on December 5, 2024.

Broader Market

The BSE MidCap index was trading at 47,569.10 levels, up 69 points, or 0.14%, while the BSE SmallCap index was trading at 56,916.01, up 208 points, or 0.37%. 

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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