Published: Thu, December 07, 2017
Economy | By Shawn Conner

Sensex paints gloomy picture before RBI policy, falls 100 points


The benchmark BSE Sensex was trading down by almost 100 points as traders adopted a cautious approach ahead of RBI monetary policy outcome later today. "It is expected central bank to keep interest rates on hold for a prolonged period starting with its policy meeting on concerns of rising inflation", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Wall Street fell on Tuesday as a technology rebound lost steam and Walt Disney Co shares dipped, while investors assessed how a Republican US tax overhaul would impact corporate earnings.

Buying interest in index heavyweights like energy and IT sectors cushioned the losses.

At 1451 hours, Sensex was trading at 32,627.81, below 175 points or 0.53%, while Nifty came low by 67 points or 0.66% trading at 10,051.65.

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"After the in-line RBI policy, Indian market shifted its focus towards the global market, which was under the negative trend".

Vinod Nair, Head of Research, Geojit Financial Services, said: "After a subdued trade, the market reversed from day's low led by banking stocks".

"The recent correction in PSU banks provides an opportunity for investors to accumulate as the long term prospects remains strong owing to healthy recapitalisation".

Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,470.56 crore on Tuesday, as per provisional data.

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Hero MotoCorp was the worst performer in the Sensex pack, falling 2.31%, followed by Wipro at 2.29%.

"A weak dollar overseas capped the rupee losses", a dealer said. The major losers were Tata Steel 1.70 per cent, SBI 1.21 per cent, Bajaj Auto 0.94 per cent, ITC 0.83 per cent and HDFC 0.70 per cent. On the other hand, IT index was up 0.08 per cent, consumer durables 0.07 per cent and realty 0.06 per cent.

Asian markets retreated, with Japan's Nikkei falling 0.37%, Hong Kong's Hang Seng declining 1.01% and Shanghai Composite Index finishing 0.18% lower.

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