Sensex, Nifty Finish Lower Ahead Of RBI Meet

The Reserve Bank of India is widely expected to keep policy rates on hold but investors will watch for any hints of a cut at the February meeting in the policy statement to be released on Wednesday

Interest sensitive stocks drag indices lower

Key Indian equity indices recovered from their day's lows to close with marginal losses on Tuesday even as broadly negative global cues, along with disappointing services sector data and outflow of foreign funds, kept market sentiment subdued.

Trading was highly volatile throughout the day ahead of RBI's monetary policy review and Gujarat elections later this week. At the close, the benchmark 30-share index, BSE Sensex gained 36.78 or 0.11% at 32,869.72 with 16 components registering rise. while the broad based NSE Nifty closed flat with a gain of 5.95 points or 0.06%, at 10,127.75 with 25 components posting rise.

The Nikkei India Services PMI for November signaled slowdown in demand, further weighing on sentiment.

Among the sectoral indices on BSE, power and metal indices slipped 1.06 per cent and 0.85 per cent. Telecom, Bankex and oil & gas indices closed higher by 0.83 per cent, 0.38 per cent and 0.16 per cent, respectively. However, profit booking in banking and auto stocks capped gains.

Interest sensitive stocks drag indices lower
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In the broader markets, the S&P BSE mid-cap index closed lower by 0.09 per cent and the small-cap index by 0.52 per cent. The central bank is widely expected to keep policy rates unchanged tomorrow and will stay focused on controlling inflation, experts said. This has led to selling by investors, which added to the negative mood. Paris CAC fell 0.29% and Frankfurt's DAX shed 0.13%.

Major Sensex gainers on Tuesday were: State Bank of India, up 1.92 per cent at Rs 319.30; Bharti Airtel, up 1.18 per cent at Rs 490.50; Reliance Industries, up 1.11 per cent at Rs 911.50; Sun Pharma, up 0.52 per cent at Rs 523.65; and ICICI Bank, up 0.38 per cent at Rs 305.40.

Losers included Wipro, Hero MotoCo, ONGC, Tata Steel, UPL, Eicher Motors, NTPC and Dr Reddy's.

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