Early Trade Sees Sensex Drop by 69 Points; RBI Policy in Focus



Mumbai: Despite a strong start, benchmark indices fell on Wednesday, with the Sensex down 69 points in early trading ahead of the RBI's policy announcement. Despite starting the trading in the black, the 30-share BSE benchmark decreased by 68.73 points to 55,038.61 in early activity. The NSE Nifty index as a whole was down 13.15 points at 16,403.20.

Later quotes showed the Sensex down 193.55 points to 54,913.79 and the Nifty down 50.95 points to 16,365.40. The largest laggards in the Sensex pack were Nestle, Asian Paints, Sun Pharma, HUL, Maruti, ITC, and UltraTech Cement. Tata Steel, NTPC, Axis Bank, and State Bank of India, on the other hand, were among the winners. According to Mohit Nigam, Head - PMS, Hem Securities, "Indian markets will respond to the outcome of the three-day Monetary Policy Committee meeting that will be issued by the RBI today."On Tuesday, the BSE benchmark dropped 567.98 points, or 1.02 percent, to close at 55,107.34. The Nifty ended the day at 16,416.35, down 153.20 points or 0.92 percent. Shanghai quoted lower, but markets in Seoul, Tokyo, and Hong Kong were trading in the black.

On Tuesday, US stock markets closed with gains. Brent crude, the international standard for crude oil, increased marginally by 0.07 percent to USD 120.66 a barrel. According to stock exchange statistics, foreign institutional investors sold shares worth a net of Rs 2,293.98 crore on Tuesday.


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