Sensex opens 100 pts lower on caution ahead of RBI meet outcome

Posted April 07, 2017

The Sensex at the BSE closed 47 points or 0.16 per cent down at 29,927 while the NSE Nifty ended three points lower at 9,262.

However, in pre-market opening, Sensex touched 29,996-mark and Nifty a new high of 9,264-level.

The Reserve Bank left its benchmark lending rate unchanged at 6.25 per cent for the third monetary policy review in a row on Thursday citing upside risk to inflation. As the central bank, in an unusual move, raised the reverse repo rate by 25 basis points and cut the marginal standing facility rate, it also said it will use liquidity tools other than specified to manage the excess liquidity.

Titan Company soared 7.2 percent on expectations of robust March quarter earnings after the maker of watches and accessories said business was good across divisions in the second half of fiscal 2016-17 despite demonetization. Among rate sensitive scrips, ICICI Bank fell 0.93 per cent to Rs 282.20, while state-run SBI was down 0.29 per cent at Rs 295.85. However, the market breadth remained positive as 1,469 stocks ended higher, 1,413 declined, while 137 ruled unchanged.

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Besides, profit booking after Wednesday's gains, coupled with negative global cues, hampered the upward movement of the key indices.

Buying in energy 1.20 per cent, realty 0.91 per cent, media 0.65 per cent, commodities 0.58 per cent, metal 0.28 per cent and IT 0.26 per cent capped the losses.

Sector-wise, the S&P BSE consumer durables index plunged by 100.78 points, followed by the healthcare index, which dipped by 98.18 points, and the FMCG index, which fell by 73.47 points. Federal Reserve minutes suggested the USA central bank was considering steps that could result in a further tightening of monetary policy. China's Shanghai Index, however, rose 0.33 per cent. The BSE banking index, however, was trading little changed at 24,711.29 points on Thursday. In the Asian region, Japan's Nikkei ended 1.40% lower, while Hong Kong's Hang Seng shed 0.52%.