Mumbai: The Indian market closed on a flat note on the first day of the action packed week. Banking stocks hogged the limelight of the day after RBI slashed CRR by 75 bps. Stronger-than-expected industrial output reduced hopes for a rate cut, which some analysts had previously said could have come as early as this week's RBI policy meeting. With the steam out already, the credit policy may after all turn out to be a non-event for the market.
The Sensex shuts shop at 17587.67 up 84.43 points or 0.48 per cent and the Nifty closed at 5359.55 up 26.00 points or 0.49 per cent. About 1590 shares advanced, 1232 shares declined, and 581 shares remain unchanged.
January IIP came in at 6.8 per cent versus market expectation of 2.2 per cent, pulled up largely by food products and consumer non durables. Capital goods and durables continue to cotnract.
Top gainers on the Nifty were SBI, Larsen, Reliance, Reliance Power and Jindal Steel.
Top losers on the Nifty were Mahindra and Mahindra, ONGC, Cipla, TCS and HDFC.
Banks such as State Bank of India advanced after last week's surprise cut in the reserve requirement ratio, while stronger-than-expected industrial output data boosted some of the country's manufacturers.
Top gainers on the BSE Midcap: BF Utilities, Voltas, AstraZeneca, DB Realty and Glodyne Techno were up 8-11 per cent.
Top losers on the BSE Midcap: Financial Tech, Redington, Glenmark, Fresenius Kabi and Ipca Labs were down 2-4 per cent.
Top gainers on the BSE Smallcap: Shriram EPC, Neha Internatioal, Shilpa, BS TransComm and UB Holdings were up 8-12 per cent.
Top losers on the BSE Smallcap: Lloyds Metals, Saint-Gobain, Varun Industries, Supreme Petro and PNB Gilts were down 5-7 per cent.
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