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Sensex falls 29pts ahead of RBI policy


Sensex Mumbai: The benchmark Sensex today fell about 29 points to end at 26,597.11 on weakness in interest rate sensitive banking and auto shares ahead of RBI’s monetary policy review.

The BSE 30-share index today resumed better and gyrated in and out of positive terrain in a range of 26,715.77 and 26,518.01, before concluding at 26.597.11 — a minor fall of 29.21 points or 0.11 per cent. Last Friday, it had risen by 157.96 points or 0.60 per cent helped by S&P’s rating upgrade.

The 50-issue CNX Nifty of the NSE also eased by 9.95 points, or 0.12 per cent, to 7,958.90.

“Buying was seen prominently in IT and Pharma stocks. On the other hand, selling in sectors such as Metal and FMCG limited the upside. Positive GDP data from US boosted market sentiment, while indecision was seen ahead of RBI monetary policy scheduled tomorrow,” said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

Shares of IT majors TCS, Infosys and Wipro notched up 1-3 per cent gains tracking weakness in rupee against US dollar and strong US economic data that boosts prospects of their biggest market.

Fall in the ITC, ICICI Bank, HDFC Bank, HDFC, ONGC, Sesa Sterlite, Tata Steel, Bajaj Auto, Hero MotoCorp and Coal India mainly weighed on the market sentiment.

According to market participants, a near term major event is a monetary policy to be announced by the Reserve Bank of India (RBI) and Prime Minister Narendra Modi’s meeting with US President Barack Obama.

Barring China and Japan, other Asian markets closed with losses while European stocks too were trading weak in their late morning deals.

Overall, 21 out of 30 Sensex-based scrips closed in the red while others finished in the green. Sesa Sterlite was top loser from the Sensex pack with a fall of 1.65 per cent, followed by Tata Steel 1.61 per cent, Coal India 1.48 per cent, ITC 1.44 per cent, Bajaj Auto 1.42 per cent, ICICI Bank 1.39 per cent, ONGC 1.13 per cent, Hero MotorCorp 1.12 per cent, Axia Bank 0.90 per cent and Maruti Suzuki 0.88 per cent.

Other major gainers were Sun Pharma 3.36 per cent, GAIL 2.36 per cent, Hindalco 1.33 per cent, Wipro 1.18 per cent and BHEL 0.78 per cent.

Among BSE S&P sectoral indices, the Metal index dipped by 1.11 per cent, FMCG 0.92 per cent, Bankex 0.91 per cent and Auto 0.44 per cent while Healthcare firmed up by 2.21 per cent, IT 1.81 per cent, Consumer Durables 1.79 per cent and Teck 1.50 per cent.

Although the Sensex ended in the red, reflecting rally in second-line stocks, the total market breadth remained positive as 1,855 stocks settled with gains while 1,087 finished with losses.

The BSE Smallcap and BSE Midcap indices closed up by 1.49 per cent and 1.01 per cent, outperforming the Sensex.


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