Indian shares were trading lower on Wednesday after hitting fresh highs earlier in the session as investors booked profits in stocks such as Hindalco Industries Ltd
The Reserve Bank of India (RBI) will likely cut its main policy rate by 25 bps to a more than 6-1/2 year low after inflation slumped, sparking pressure from the government and others to ease rates further.
Markets are at higher levels and valuations seem a little steep index-wise, so a little profit-booking is likely in mid-cap stocks, said Siddharth Sedani, head and vice president, equity advisory at Anand Rathi.
"A little bit of consolidation can be seen in the markets once the policy meet is done," he added.
The broader NSE Nifty was down 0.14 percent at 10,100.70 as of 0553 GMT, while the benchmark BSE Sensex was 0.06 percent lower at 32,555.70. Both indexes had risen in four out of the last six sessions.
Early gains were reversed as investors booked profits in stocks such as Hindalco and Vedanta Ltd
Bajaj Auto Ltd
Meanwhile, Hero MotoCorp Ltd
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)