Sensex trades lower ahead of RBI MPC decision

Mumbai: Indian equity indices opened lower on Thursday ahead of Reserve Bank of India (RBI) Governor Shaktikanta Das announcing MPC decisions. 

At 9:43 a.m., Sensex was down 214 points or 0.27 per cent at 79,253 and Nifty was down 75 points or 0.31 per cent at 24,222.

The market trend remains positive. On the National Stock Exchange (NSE) 1,039 shares are trading in the green and 956 shares in the red.

In the Sensex pack, Tata Motors, ITC, Titan, HUL, IndusInd Bank, HDFC Bank and Kotak Mahindra Bank are the top gainers. Infosys, JSW Steel, Wipro, Tata Steel, UltraTech Cement and Power Grid are the top losers.

Among the sectoral indices, IT, PSU Bank, fin Service, FMCG, infra and metal are the major laggards. Realty, media, pharma and healthcare are the major gainers.

Midcaps and smallcaps are performing better compared to largecaps. Nifty Midcap 100 index is up marginally by 2 points at 56,876 and Smallcap 100 index is at 18,420 with a gain of 36 points or 0.20 per cent.

Choice Broking said, “After a gap down opening, Nifty can find support at 24,150 followed by 24,100 and 24,000. On the higher side, 24,300 can be an immediate resistance, followed by 24,400 and 24,500.”

Broking further said, “Today, we have the RBI monetary policy, with the expectation of no rate changes. The RBI governor’s statement will be crucial because he can address global uncertainties.”

US markets closed with a loss on Wednesday.

Other experts said, “The recent trend in institutional activity in the market indicates a clear trend. FIIs are in a risk-off mood and are playing it safe with sustained selling. During the last four days, FIIs have sold for Rs 20,228 crore in the cash market.”