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Indian stock market daily closing report (October 30, 2012)

Contributed by Nirmal Bang

Indian Markets dipped into red on account of RBI midterm policy announcement. The RBI disappointed the markets today as the expectation of repo rate cut is not fulfilled by the central bank. The RBI announced 25 basis point cut in CRR which now stands at 4.25% while the repo rate has been retained at 8%. The reverse repo remains at 7%. The 25 basis point decrease in CRR will inject additional liquidity of Rs 17,500 crore into the financial system.

Heavy selling pressure was observed in all the rate sensitive stocks but the Maruti Suzuki was the only winner today. Maruti Suzuki was the top Sensex gainer on account of its better than expected net profit of Rs 227 crore for the second quarter ended September 2012.

The breadth of the market was negative in today’s trade.