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Markets pause record run ahead of RBI policy
Sensex drops by 184 pts; Nifty closes marginally low at 12,022
Mumbai: Benchmark indices Sensex and Nifty on Tuesday retreated from their record highs and closed lower as investors booked profit in recent outperformers like auto and IT stocks ahead of the RBI monetary policy outcome.
In spite of selling pressure across the board due to higher valuation of stocks, both Sensex and Nifty managed to close above the crucial 40,000 and 12,000 levels, respectively.
The BSE Sensex closed 184.08 points, or 0.46 per cent, lower at 40,083.54; while the NSE Nifty edged 66.90 points, or 0.55 per cent, down at 12,021.65.
Of the 30 Sensex constituents, 17 stocks ended with losses and 13 with gains. Sectorally, BSE IT was the biggest loser with 1.63 per cent decline.
Other major laggards were by teck (1.5 per cent), healthcare (0.99 per cent) and oil and gas (0.84 per cent). Overall, market breadth was tilted in favour of sellers as 1,453 stocks fell and 1,109 advanced.
Analysts said that investors booked profits at higher levels after markets soared to record highs on Monday amid expectations of an interest rate cut by the RBI on Thursday, especially after a disappointing GDP print for the March quarter.
Auto and IT counters mainly came under a heavy selling pressure due to profit-booking as stocks of both sectors had risen in the previous session on hopes of an RBI rate cut and rupee's sustained rise.
The Indian rupee was marginally lower at 69.28 against the US dollar. Meanwhile, other Asian bourses ended on a negative note. Brent crude futures, the global oil benchmark, fell 1.53 per cent to $60.34 per barrel.
The broader mood of the markets remain dampened with a report that the pre-monsoon rainfall in the country was the second lowest in 65 years. Both bourses BSE and NSE will be closed on Wednesday on account of Id-Ul-Fitr.
