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Equities edge down from 4-mth high as investors turn cautious
Snapping the four-day rally, the domestic bourses witnessed a restricted trading and closed in red on Tuesday.
Mumbai: Snapping the four-day rally, the domestic bourses witnessed a restricted trading and closed in red on Tuesday. RBI’s monetary review and Q3 results kept the tone in a positive mode to some extent in an otherwise extreme overbought market, which was at four-month high on Monday. Investors turned cautious ahead of the RBI policy review on Wednesday.
Weaker rupee, which fell 19 paise to 67.44 against US dollar, also dampened the investor sentiment. Sluggish trading in Asian markets also further restricted the trading, while European stocks trading flat. Opened at 28,428.94 points, Sensex moved in a narrow range of 150 points throughout the session.
The market benchmark showed day's low at 28,250.08 points at 2:44pm. Sensex ended the session at 28,335.16 points, a 104.12 points or 0.37 percent loss for the day. Retreating from the 8,800-mark, NSE Nifty eased 32.75 points or 0.37 percent and closed at 8,768.30 points.
The rate cut hopes have already been factored in. Investors also worried about looming uncertainty over US Federal rate hike, rising crude oil prices, which will add to inflation. In the 30-scrip Sensex composition, 20 ended with losses and 10 turned higher.
European shares were trading lower before the ECB meeting. Key indices in France, Germany and UK fell by up to 0.30 per cent. Shanghai Composite, Japan's Nikkei and Hong Kong shed less than 0.50 percent.
