Equity benchmarks on Tuesday ended with loses as the Sensex declined 65.94 points to 24900.46 and the Nifty fell 18.10 points to 7597.
Stocks like HDFC, Sun Pharma, Dr Reddy`s Labs, GAIL, Cipla and NTPC were down 1-3% while Tata Motors topped buying list on Sensex, up 3.5% followed by Reliance Industries, Infosys, Maruti, Axis Bank, Adani Ports, SBI, Bharti Airtel, Tata Steel and Hindalco Industries with 1-3% upside.
The Reserve Bank is likely to approach policy easing with caution and go for a measured cut next week amid recent bounce in global oil prices and partial implementation of a public sector wage bill. The report by DBS stated that a 25 bps cut is largely factored in with few quarters also discussing the possibility of a more aggressive 50 bps cut, but there is little scope of a bunched up move."Given the recent bounce in global oil prices, partial implementation of a public sector wage bill and indications that the US Fed might resume rate normalization in April/June, we see little scope of a bunched up move," report stated.The RBI is set to present the its first bi-monthly monetary policy for 2016-17 on April five.