Chennai, India (BBN) – The Sensex and Nifty opened the session marginally lower as traders adopted a cautious approach ahead of RBI monetary policy outcome later today. Weak Asian cues also dampened the domestic sentiment.
The Reserve Bank of India’s monetary policy committee is likely to keep the policy repo rate on hold on account of various factors, including likelihood of retail inflation nudging up due to higher prices of vegetables and protein items, rising crude oil prices, risk of fiscal slippage, and possibility of the US Fed upping interest rates, reports The Hindu Business Line.
At 9.20 a.m., the 30-share BSE index Sensex was down 87.75 points or 0.27 per cent at 32,714.69 and the 50-share NSE index Nifty was down 28.65 points or 0.28 per cent at 10,089.60.
Asian stocks slipped on Wednesday, pressured by losses on Wall Street as the technology sector stuttered yet again after a brief rebound, while the dollar sagged on lower long-term US yields.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.2 per cent. Australian stocks and South Korea’s KOSPI were down 0.2 per cent, respectively. Japan’s Nikkei lost 0.5 per cent.
Wall Street fell on Tuesday as a technology rebound lost steam and Walt Disney Co shares dipped, while investors assessed how a Republican US tax overhaul would impact corporate earnings.
The Dow Jones Industrial Average lost 0.45 per cent to end at 24,180.64 points, while the S&P 500 ended down 0.37 per cent at 2,629.57. The Nasdaq Composite dropped 0.19 per cent to 6,762.21.