Friday, Apr 29, 2005
Friday, Apr 29, 2005 |
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MUMBAI: Bank stocks on Thursday suffered a sharp setback dragged by the Reserve Bank of India's decision to keep interest rate unchanged even as the market ended flat in lacklustre activity on squaring up at the last day of derivatives contract. Bank stocks came under a heavy onslaught of selling pressure after the apex bank left the Bank Rate and the Cash Reserve Ratio (CRR) unchanged in the annual policy for 2005-06. The BSE benchmark 30-share index opened weak at 6271.61 and later moved in a narrow range of 6293.97 and 6232.48 before ending the day at 6284.20 against yesterday's close of 6278.50, netting a gain of 5.70 points. Domestic mutual funds were believed to be heavy sellers in bank and steel counters. The market, however, discounted the open battle between the Ambani brothers with Anil stepping up attack on his elder brother a day after the stormy Reliance Industries board meeting. The volume of business was low as the estimated 7 per cent gross domestic product growth for this fiscal failed to have any positive impact on the market.— PTI
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