Sensex down 30 points in early trade ahead of RBI policy
Continuing yesterday’s weakness, the 30-share index moved further down by 30.38 points, or 0.11 per cent, to 26,566.73, with metal, FMCG, PSU, oil & gas and banking sector stocks leading the fall. The gauge had lost 29.21 points in the, previous session.
Also, the National Stock Exchange index Nifty shed 11.25 points, or 0.14 per cent, to 7,947.65 in early trade.
Brokers said besides weak trend on other Asian bourses tracking overnight fall in the US markets, selective selling by cautious funds and retail investors ahead of RBI’s policy review later in the day influenced sentiments.
Among other Asian markets, Hong Kong Hang Seng down 0.40 per cent, while Japan’s Nikkei shed 0.36 per cent in early trade today.
The US Dow Jones Industrial Average ended 0.25 per cent lower in yesterday’s trade.
Rupee down 9 paise against dollar in early trade
The rupee weakened by nine paise to trade at a fresh seven-month low of 61.62 against the dollar in early trade at the Interbank Foreign Exchange market today following increased demand for the US currency from importers ahead of RBI’s policy review.
A lower opening at the domestic equity market and the dollar’s rise against other major currencies overseas also put pressure on the rupee, dealers said.
Yesterday, the rupee had tanked 38 paise to log nearly 7-month closing low of 61.53 against the Greenback following dollar demand from importers and some weakness in stocks ahead of the RBI policy review.
Meanwhile, the benchmark BSE Sensex fell 30.38 points, or 0.11 per cent, to 26,566.73 in early trade.