Equity benchmarks lost half a percent in early trade Tuesday
on weak Asian cues and ahead of RBI monetary policy. The Sensex fell 127.66
points to 25271.99 and the Nifty declined 37.75 points to 7721.05. Money
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Indian stocks are likely to start in the red,
tracking weakness in oil prices that bogged down both Wall Street overnight and
Asian markets this morning, even as markets head into a key RBI meeting where a
rate cut is but a foregone conclusion.At the time of writing, the SGX Nifty was trading 0.65 percent, or 50 points, to 7,735 points.
Traders say there will likely be volatility today, with 95 percent of analysts polled by CNBC-TV18 expecting a rate cut by the Reserve Bank. The decision will be due at 11 am.
in light of the Union Budget where the government stuck to its fiscal deficit target and its recent decision to cut the small savings rate, some analysts have said a 25 basis point cut may not be enough and even be disappointing for the markets.
the US dollar fell against the yen, Nymex fell to a one-month low while gold steady.
ICICI Bank, Tata Motors, ONGC, M&M, Hindalco, Bank of Baroda, GAIL and Idea Cellular were early losers, down 1-1.5 percent while BPCL, Power Grid Corp, Dr Reddy's Labs and HCL Tech were gainers.
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