Sensex and Nifty falls marginally ahead of RBI interest rate outcome

Dec 08, 2017, 00:06
Sensex and Nifty falls marginally ahead of RBI interest rate outcome

Both the benchmark indices surged more than a per cent. The broader NSE Nifty also soared 122.60 points, or 1.22 per cent, today to close at 10,166.70 after shuttling between 10,182.65 and 10,061.90. Investors seemed to be bargain buying after the recent fall.

On Wednesday, the Sensex had slumped over 200 points after the RBI monetary policy committee made a decision to hold the policy repo rate and raised the inflation forecast for the rest of the current fiscal year to 4.3-4.7 per cent. Positive opening in European shares boosted investors' sentiment in the domestic market.

Major index gainers were GAIL, Bharti Airtel, Tech Mahindra, UPL, Asian Paints, Maruti, Bharti InfraTel, Tata Steel and Bajaj Auto.

Major Asian indices closed higher.

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On the currency front, the rupee weakened by 4-5 paise at 64.57-56 against the USA dollar from its previous close at 64.52.

The Sensex, Nifty erased losses from Wednesday, when the central bank left rates unchanged, as predicted by most economists.

"Upcoming state election in Gujarat and rupee movement against dollar ahead of U.S. tax reform will be keenly watched for further momentum in the market". Crude prices in the global markets slipped almost 3 per cent on Wednesday, its biggest daily decline in more than two months, after a sharp rise in U.S. inventories of refined fuel suggested demand may be weakening.

Losers included Coal India, TCS, Wipro, Cipla, Sun Pharma, Dr Reddy's and IndusInd Bank.