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Business News » India News

Sensex, Nifty open in red ahead of RBI's policy meet

Analysts at ShareKhan said, “The RBI’s monetary policy committee is likely to leave the repo rate unchanged at 6.25%, where it has been since October. However, investors are expecting the RBI to announce measures to absorb the excess liquidity that has accumulated post demonetisation.”

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Sensex, Nifty open in red ahead of RBI's policy meet
Sensex closed above 64 points or 0.21% at 29,974.24, while Nifty 50 ended at 9,265.15 up by 27 points or 0.30%. Photo: Reuters
Written By: ZeeBiz WebTeam
Updated: Thu, Apr 06, 2017
09:43 am
Mumbai, ZeeBiz WebDesk
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Indian markets gave away their previous gains on Thursday tradings, performing in red led by weak global cues and RBI's monetary policy meet which is set to be announced today. 

At 9.26 am, Sensex was trading at 29,897.31 down by 76 points or 0.26%, while Nifty was trading at 9,235.20 below 29 points or 0.32%.

On Wednesday, both Senex and Nifty touched a record high of 30,000-mark and 9,265-mark respectively.

Analysts at HDFC Securities said, “ All eyes will be on the outcome of the monetary policy committee decision on key interest rates which will be out later today during market hours. Automobile sectors are expected to trade in positive zone whereas IT, FMCG and Financial sector is expected to trade in negative zone. Crucial support for Nifty is at 9215 level, while strong immediate resistance is at 9275.”

Top gainers on BSE involved Bajaj Auto taking lead by trading at Rs 2,805.35 a piece up by 1.62%. Tata Motors (Rs 477.40 a piece), Infosys (Rs 1,001 a piece), Gail India (Rs 358 a piece) and Power Grid (Rs 195.20 a piece) were trading positive in the range of 0.20% - 0.80%.

Losers involved Bharti Airtel trading at Rs 340.55 a piece below 1.18%, followed by Hindustan Unilver at Rs 925.20 a piece (1.08%), Adani Ports at Rs 353.65 a piece (1.01%) and ICICI Bank at Rs 282.60 a piece (0.79%).

Meanwhile INR was higher against USD. The rupee was trading at 65.065 above 0.010 paisa or 0.28% against dollar.

RBI Governor Urjit Patel along with six-member Monetary Policy Committee will be presenting first bi-monthly monetary policy for financial year 2017 – 18 (FY18) on Thursday. 

Analysts at ShareKhan said, “The RBI’s monetary policy committee is likely to leave the repo rate unchanged at 6.25%, where it has been since October. However, investors are expecting the RBI to announce measures to absorb the excess liquidity that has accumulated post demonetisation.”

Global Indices: 

Majority of indices on Asian markets were trading on a negative note. A Reuters report said, the markets had risk appetite soured by signs the Federal Reserve might start paring its king-sized balance sheet later this year just as the chances of an early U.S. fiscal stimulus faded further. 

Japan's Nikkei 225 tumbled over 263 points or 1.40%, trading at 18,597.51, while Hong Kong's Hang Seng was down by 157.63 points or 0.65% trading at 24,243.17. 

China's Shanghai Composite Index was trading flat at 3,272.45. 

 

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TAGS:
Indian marketsSensexNifty 50BSENational Stock ExchangeMarketsSharesReserve Bank of IndiaBi-monthly monetary policyrbi monetary policy meetrbi rate cutNikkei 225Shanghai Composite IndexHang Seng IndexDonald TrumpFederal Reserveasian marketsUrjit PatelMonetary Policy CommitteeEconomy
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