Published: Tue, December 05, 2017
Finance | By Loren Pratt

Sensex, Nifty Finish Lower Ahead Of RBI Meet

Sensex, Nifty Finish Lower Ahead Of RBI Meet

Mumbai: The benchmark BSE Sensex fell over 108 points in opening trade following a cautious stance adopted by participants ahead of the RBI policy review amid weak Asian cues.

The RBI's two-day monetary policy review kicks off today and the decision is due tomorrow.

The 30-share Sensex opened on a negative note on across- the-board losses and touched a low of 32,682.52. Although the central bank is widely expected to keep rates on hold, investors will watch for any hints of a cut at the February meeting in its statement. Sensex was down by over 64 points or 0.20% to 32,805.60 while the wider Nifty was down by over 21 points or 0.21% to 10,106.40.

Among the BSE sectoral indices, power fell 1.06%, followed by metal 0.85%, capital goods 0.62%, consumer durables 0.61%, infra 0.56%, auto 0.52% and IT 0.38%.

Major Sensex losers were: Hero MotoCorp, down 2.31 per cent at Rs 3,522.15; Wipro, down 2.29 per cent at Rs 283.40; Tata Steel, down 1.71 per cent at Rs 675.95; NTPC, down 1.70 per cent at Rs 176.75; and Dr. Reddy's Lab, down 1.61 per cent at Rs 2,205. "We also had some index heavyweights supporting positivity, putting a temporary stop to the negativity that we had seen late last week", said Anand James, chief market strategist, Geojit Financial Services.

The Nifty jumped 57.40 points or 0.56 per cent to 10,179.20. The gauge had tanked 891.50 points in the previous four sessions.

Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,470.56 crore while domestic institutional investors bought stocks worth Rs 1,074.39 crore.

Sector-wise, the S&P BSE IT index gained by 145.14 points, metal index by 68.85 points and Teck (technology, media and entertainment) index by 64.81 points. Asian shares fell as technology shares mirrored a sell-off in USA tech companies.

Shanghai Composite Index too shed 0.02 per cent. The Nasdaq Composite index also dropped 26.39 points or 0.38 per cent to 6,847.59 on developments with a probe into Russia's alleged involvement in the USA election as well as with progress on a tax Bill in Congress.

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