Sensex sluggish, Nifty above 9200 ahead of RBI meet outcome

Epic Update Reliance IndustriesEpic Update Reliance Industries

Benchmark indices were in the red as investors may have booked profits from the previous rally and looked to remain cautious ahead of RBI’s policy meet outcome.

Polls indicate that the central bank will hold key rates, but the focus would be on the RBI’s commentary and stance.

The Sensex was down 111.47 points at 29862.77, while the Nifty was down 35.80 points at 9229.35. The market breadth was negative with 1,100 shares having advanced against a decline of 1,269 shares, while 130 shares were unchanged.

BHEL, Bajaj Auto and Indian Oil were top gainers, while Adani Ports, HUL and Hindalco lost the most.

India’s services industry in March continued to recover from November’s shock big currency-note ban, with business activity expanding for a second month and at a faster pace, a private business survey showed on Thursday.

The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 51.5 in March, its highest level since October, from February’s 50.3. A reading above 50 indicates expansion.

Meanwhile, shares of Reliance Defence and Engineering added 3.4 percent intraday Thursday as the company is going to consider rights issue up to Rs 1,200 crore.

The company’s board meeting will be held on April 11, to consider and approve the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2017.

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Sensex, Nifty hold morning gains; Ambuja Cements, ACC rally Nifty hovers around 8800 as investors await RBI policy; ITC up
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