RBI Policy Meeting Looms as Global Markets Show Mixed Trends
MUMBAI
Benchmark equity indices closed lower for the eighth straight session on Tuesday, dragged by persistent foreign fund outflows and investor caution ahead of the Reserve Bank of India’s (RBI) monetary policy announcement.
The 30-share BSE Sensex shed 97.32 points, or 0.12%, to settle at 80,267.62 after swinging between an intraday high of 80,677.82 and a low of 80,201.15. Over the last eight trading sessions, the index has fallen by 2,746.34 points, or 3.30%. Similarly, the broader NSE Nifty slipped 23.80 points, or 0.10%, to end at 24,611.10.
While banking and metal stocks saw gains, selling pressure weighed heavily on realty and consumer durable counters. Among Sensex constituents, ITC, Bharti Airtel, Trent, Bajaj Finserv, Titan and Reliance Industries emerged as major laggards. On the other hand, UltraTech Cement, Adani Ports, Tata Motors, Bharat Electronics, Bajaj Finance and Hindustan Unilever posted notable gains.
Investor sentiment remained subdued as the RBI’s Monetary Policy Committee began its three-day meeting on Monday, with the outcome scheduled for Wednesday. Market watchers expect the central bank to maintain a cautious stance amid inflationary pressures and global uncertainties.
Global cues also offered mixed signals. While Shanghai and Hong Kong indices closed higher, South Korea’s Kospi and Japan’s Nikkei ended in the red. European markets were trading on a mixed note, even as U.S. stocks finished in positive territory on Monday. According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth ₹2,831.59 crore on Monday, while Domestic Institutional Investors (DIIs) purchased equities worth ₹3,845.87 crore. Meanwhile, Brent crude futures dropped 1% to $67.29 per barrel, easing inflation concerns slightly.