Market continues to be in red with a fresh bout of selling pressure on concerns of high inflation and RBI policy meet tomorrow and a key US Federal Reserve policy decision later this week. The S&P BSE Sensex is moving in a narrow range as traders have stayed on sidelines ahead of the Reserve Bank of India's policy meet. Sectoral indices are in the positive terrain except for the S&P Bankex, Realty, Power and Oil & Gas. While Banking shares are witnessing a fall in their prices, Realty sector too is witnessing selling pressure on expectation of a rate hike by 25 bps tomorrow by RBI. On the flip side, defensive Health Care, Technology and Fast Moving Consumer Goods counters are the prominent gainers of the session. Cipla and Ranbaxy are amongst the top gainers on the Nifty today, rising 3 percent and 4 percent, respectively. HDFC Bank was under pressure after the Reserve Bank of India restricted foreign institutional investors from buying additional shares in the country's second-largest private lender, as their shareholding exceeded limit.
The benchmark 10-year bond yield was trading down 1 basis point on the day at 8.86 per cent in low volumes as investors mostly staying on the sidelines ahead of the Reserve Bank of India's monetary policy review on Wednesday. Traders said a 25 basis points hike in the key rates has already been discounted by the market and the tone of the policy statement will be crucial for providing direction
No comments:
Post a Comment