07 April, 2017
The benchmark BSE Sensex was trading down by over 130 points as investors remained cautious ahead of the RBI's monetary policy to be announced later in the day.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped down by 3.20 points or 0.03 per cent to 9,261.95 points.
On Monday the Sensex closed at 29,910.22 points while it was a trading holiday on Tuesday.
The RBI left the short-term lending rate or repo rate unchanged at 6.25 per cent, and the cash reserve ratio static at 4 per cent.
RBI however increased the reverse repo rate - which it pays to banks for parking funds with it - by 0.25 per cent to 6 per cent, narrowing the policy rate corridor. The central bank also raised the growth forecast for the current fiscal to 7.4% from 6.7% in 2016-17.
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Among other rate-sensitive counters, SBI tumbled 1.35% while ICICI Bank fell 1.40%. However, due to profit-taking at record levels, it shed some ground to close at 9,265.15, up by 27.30 points or 0.30%. However, the market breadth remained positive as 1,469 stocks ended higher, 1,413 declined, while 137 ruled unchanged. Hawkish Fed minutes and anxiety ahead of a two-day meeting between US and Chinese leaders also weighed on markets.
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.
Investors also looked ahead to some key events this week, including the release of minutes of the latest Federal Reserve meeting later today, the U.S.
HDFC Securities said, "Indian equity markets are likely to open on a flat to negative note following Asian cues".
The Nikkei Composite Purchasing Managers' Index rose to 52.3 in March from 50.7 in February. Frankfurt's DAX 30 fell 0.41% while Paris CAC 40 was down 0.07% in their early deals.