Sensex slips 107 pts ahead of RBI policy outcome

Sensex slips 107 pts ahead of RBI policy outcome

New Delhi, Dec 4: The benchmark indices ended lower on Tuesday ahead of the outcome of the Reserve Bank of India’s (RBI) monetary policy meeting, which is due on Wednesday.
The three-day review meeting by the central bank began on Monday. Analysts expect RBI to support an economy that is losing momentum by leaving interest rates unchanged. In a sharp contrast, barely a month ago most economists and market experts were expecting a rate hike by the central bank.
The S&P BSE Sensex ended at 36,134, down 107 points or 0.29 per cent, while the broader Nifty50 index settled at 10,869, down 14 points or 0.13 per cent. Among the sectoral indices, the Nifty Bank index fell 0.61 per cent weighed by HDFC Bank and State Bank of India (SBI). The Nifty FMCG index, too, slipped 0.65 per cent led by a fall in Colgate Palmolive (India) and Hindustan Unilever. However, Nifty IT index rose 1.76 per cent led by Infosys, Wipro and Tata Consultancy Services (TCS). In the broader market, S&P BSE Midcap index ended largely flat at 15,098, while S&P BSE Smallcap index settled a tad up at 14,514. The rupee moved in a range of 70.32-70.67 per dollar during the day. It had opened 3 paise lower at 70.49 against the greenback. The domestic unit Monday had dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency as oil prices rebounded and the US currency gained strength.
Global Markets
Asian shares fell on Tuesday as a relief rally petered out amid rising doubts over whether China and the United States will be able to resolve trade differences. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent as Chinese equity markets struggled to move out of negative territory.

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