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Home / News / Business News / Nifty turns choppy ahead of RBI meet, investors cautious
Business

Nifty turns choppy ahead of RBI meet, investors cautious

Nifty turns choppy ahead of RBI meet, investors cautious
Written by Aakanksha Raghuvanshi
(Sourced from PTI)
Feb 05, 2019, 02:29 pm 2 min read
Nifty turns choppy ahead of RBI meet, investors cautious

Benchmark indices started on a choppy note today as investors turned cautious amid selling by domestic and foreign funds ahead of RBI's monetary policy review. The 30-share index was trading 42.81 points, or 0.12%, lower at 36,539.93. Similarly, the 50-share NSE Nifty fell 16.45 points, or 0.15%, to 10,895.80. However, yesterday, the Sensex ended 113.31 points, or 0.31%, higher at 36,582.74. Details here.

Information
RBI policy review meeting scheduled to be held today

The index posted gains for a third straight day; the NSE Nifty also edged higher by 18.60 points, or 0.17%, to close at 10,912.25. Investors are cautious ahead of the rate-setting 3-day policy review meeting of the RBI, scheduled to begin later in the day.

Losers
Bharti Airtel biggest loser in Sensex pack today

In morning session today, Bharti Airtel was the biggest loser in the Sensex pack, cracking nearly 4%, on reports that Moody's downgraded the company's rating by one notch to Ba1 from Baa3, marking it the first time an international rating agency has downgraded the stock. Other losers include Tata Motors, HDFC, ICICI Bank, TCS, Infosys, Tata Steel, and HDFC Bank, falling up to 0.83%.

Gainers
6 including Hero MotoCorp, Bajaj Finance emerged as top gainers

Meanwhile, Hero MotoCorp, Bajaj Finance, M&M, IndusInd Bank, Bajaj Auto, and SBI were the top gainers, rising up to 1%. "After the consolidation and time correction in the Indian markets, valuations are reasonable at 17-18 times one year forward earnings, given the expectations of a strong recovery in earnings," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

FPIs & DIIs
FPI sold shares worth net of Rs. 112.13 crore yesterday

Jani further said that global uncertainty and the election-related volatility are key near-term risks in the market. On a net basis, the foreign portfolio investors (FPIs) sold shares worth a net of Rs. 112.13 crore on Monday and the Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs. 65.22 crore, provisional data available with Bombay Stock Exchange (BSE) showed.

World market
Rupee rebounded 7 paise against the USD to 71.73

Elsewhere in Asia, Japan's Nikkei slipped 0.02%. Bourses in China, South Korea, Singapore and Indonesia remained closed for the Lunar New Year (Chinese New Year). On Wall Street, Dow Jones Industrial Average ended 0.70% higher on Monday. The rupee, meanwhile, rebounded 7 paise against the USD to 71.73. The benchmark Brent crude futures rose 0.40% to $62.76 per barrel.

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Aakanksha Raghuvanshi <br/><i>(Sourced from PTI)</i>
Aakanksha Raghuvanshi
(Sourced from PTI)
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