Markets continue to fall for 4th day; RBI policy in focus

Benchmark indices declined on Wednesday even after a firm opening, with the Sensex falling 69 points in early trade, ahead of the RBI’s policy decision.

The 30-share BSE benchmark went lower by 68.73 points to 55,038.61 in early trade despite opening the trade in the green. The broader NSE Nifty was trading 13.15 points down at 16,403.20.

The Sensex was later quoting 193.55 points lower at 54,913.79 and the Nifty declined 50.95 points to 16,365.40.

From the Sensex pack, Nestle, Asian Paints, Sun Pharma, HUL, Maruti, ITC and UltraTech Cement were the biggest laggards.

In contrast, Tata Steel, NTPC, Axis Bank and State Bank of India were among the gainers.

“Indian markets will react to the outcome of the three-day Monetary Policy Committee meeting that will be released by the RBI today,” said Mohit Nigam, Head – PMS, Hem Securities.

The BSE benchmark tanked 567.98 points or 1.02 per cent to settle at 55,107.34 on Tuesday. The Nifty fell by 153.20 points or 0.92 per cent to end at 16,416.35.

Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong were trading in the green, while Shanghai quoted lower.

Stock markets in the US had ended with gains on Tuesday.

Meanwhile, international oil benchmark Brent crude jumped marginally by 0.07 per cent to USD 120.66 per barrel.

Foreign institutional investors offloaded shares worth a net Rs 2,293.98 crore on Tuesday, according to stock exchange data.