Benchmark indices were moderately lower amid consolidation as investors awaited the outcome of two-day RBI Monetary Policy Committee meeting later today, dragged by banking & financials, FMCG and select auto stocks.
The 30-share BSE Sensex was down 74.42 points at 29,899.82 and the 50-share NSE Nifty fell 27.70 points to 9,237.45.
CARE Ratings believes that there will be no rate cut in today’s RBI policy view but a rate cut is expected in third quarter of FY18, if the monsoon conditions in the economy remain normal.
The stance will continue to be neutral and not accommodative. A call on change in GDP growth forecast for FY17; indications of growth for GDP in FY18; currency infused in system post demonetisation, old notes returned to the system and other particulars; and some direction on the resolution of NPAs is expected, says CARE.
The broader markets outperformed benchmarks, trading flat. About 1115 shares advanced against 925 declining shares on the BSE.
ITC, HDFC, ICICI Bank, HUL, Adani Ports, Bharti Airtel and Maruti were down 0.5-2 percent whereas Reliance Industries rebounded after early losses, up over a percent. Axis Bank and BHEL were top gainers, rising 1.5 percent.
Tata Motors gained nearly a percent on solid growth in JLR’s UK sales in March. Infosys bounced back after yesterday’s losses amid H1-B visa concerns, up 0.66 percent.
Bharat Forge hit fresh 52-week high, up nearly 3 percent after sharp jump in North America truck orders.
For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co
You may also like:
|Sensex, Nifty hold morning gains; Ambuja Cements, ACC rally||Nifty hovers around 8800 as investors await RBI policy; ITC up|