The BOJ’s decision hit hard global markets just a day after the U.S. feds said they will hold steady on interest rates. The Central BANK OF Japan decided not to implement any monetary stimulus action leaving its policy virtually unchanged.
Indian markets opened relatively high but tumbled during the day. Below is a quick capture of how the markets performed.
At 9.16 am: After the opening bell, Sensex was trading 21.12 points up at 26,043 while Nifty was down 14.95 points down at 7964. 9.15 am: Sensex opened 14.16 points, or 0.05 per cent, higher at 26,078.28, while Nifty 50 index opened 12.50 points, or 0.16 per cent, down at 7,967.40.
By 10.53 am, Real estate stocks declined on Thursday morning after Municipal Corporation of Greater Mumbai (MCGM) on Wednesday released a new draft development plan which recommends a hike in the floor space index (FSI) from the present 1.33 to 2 and in some cases even up to 5. The BSE Realty index was up 2.87% at 1,356. Sensex was low 63 points at 26000.59. Nifty was trading 17.20 points down at 7,962.
By noon, Maruti Suzuki shares were trading at Rs 3,796.95 or 1.68% down. At 12.50 pm: Ceat stocks were trading 2.11% high at Rs. 1143.50 after the company reported 11.47% increase in combined net profit for the March earnings quarter. The NSE Nifty was trading 78.60 points down at 7,901.30 while Sensex was trading 267.82 points down at 25,796.30.
By 12.17 pm: Yes Bank stocks were trading 2.72% up at Rs. 940.50 after the Bank reported a 27.4% increase in its stand-alone net profit at Rs. 702.1 crore for the fourth quarter that ended March. Sensex was trading 206.33 points down at 25,857.79 while NSE Nifty was trading 57.45 points down at 7,922.45.
At 3.05 pm: Stocks weakened more as the BSE Sensex was trading 454 points low at 25,609. Nifty was at 7,848, a decline of 131 points compared to its previous close.
By 3.17 pm: Sensex dropped over 500 points at 25,561, and by 3.30 pm: The 30-share index closed 461.02 points or 1.77% low at 25,603.10. The 50-share index dropped 132.65 points to 7,847.25.
Meanwhile BSE said it has signed a deal with Korea Exchange. In that deal, Korea Exchange will list Sensex-based derivatives.
Most stocks on Asian markets also ended low after the Bank of Japan decided not to hike interest rates. This followed the Fed’s Wednesday meeting where they concluded not to increase the interest rates. Most investors were unhappy with the news but still hope an increase rate is possible as early as June or later this year.