Sensex Slips 77 Points, Nifty Trades Below 17,700 As RBI Cuts GDP Forecast

Ultratech Cement, Tata Steel, Wipro, HUL, Maruti, Asian Paints, and Dr Reddy's were the top winners on Sensex platform, while Coal India, Adani Ports, JSW Steel, and BPCL led gains on the Nifty

The 30-share Sensex was down 77 points to 58,957, while the NSE Nifty was trading at 17,627, down 11 points. Image: Getty

New Delhi: The key domestic equity benchmarks, Sensex and Nifty, which on Friday started trade with marginal gains, gave up all gains as  the Reserve bank of India (RBI) kept the key repo rate unchanged, maintaining the status quo and its accomodative stance.

At 10.30 am, the 30-share Sensex was down 77 points to 58,957, while the NSE Nifty was trading at 17,627, down 11 points.

Ultratech Cement, Tata Steel, Wipro, HUL, Maruti, Asian Paints, and Dr Reddy's were the top winners, leading the upmove on Sensex, while Coal India, Adani Ports, JSW Steel, and BPCL led gains on the Nifty.

On the other hand, M&M, Tech M, TCS, HDFC twins, IndusInd Bank, Cipla, and ICICI Bank were the top losers across the two indices. 

The broader markets also opened in green and rose higher than the frontline indices. The BSE Midcap and Smallcap indices rose up to 0.64 per cent higher.

12 out of the 15 sector gauges, compiled by NSE, were trading in the green. Nifty Consumer Durables and Nifty Metal were outperforming the index by rising as much as 0.81 per cent and 1.09 per cent, respectively. Nifty FMCG and Energy indices were firmly higher, leading gains. While, Banks, Financials, IT, Realty, and Auto were flat to marginally positive. 

On Thursday, Sensex had slipped 575 points (0.97 per cent) to close at 59,035, while Nifty had moved 168 points (0.94 per cent) lower to settle at 17,640.

"RBI monetary policy will decide the further directions for the markets," Mohit Nigam, Head - PMS, Hem Securities, told the PTI.

In Asia, markets in Hong Kong, Seoul, Shanghai, and Tokyo were trading lower in mid-session deals.

Stocks in the US ended higher in the overnight session.

International oil benchmark Brent crude declined 0.34 per cent to $100.24 per barrel.

According to exchange data, foreign institutional investors continued to offload shares worth Rs 5,009.62 crore on Thursday.

"Today's monetary policy is unlikely to impact the market significantly even if there is a surprise rate hike. That would be interpreted by the market positively indicating that the RBI is not behind the curve," according to V K Vijayakumar, chief investment strategist at Geojit Financial Services.

The real concern for the market, going forward, would be the aggressive rate hikes and quantitative tightening by the Fed expected in the coming 12 months, he said, while adding, "Crude softening to around $100 is positive while FIIs again turning sellers will provide ammunition to the bears."