Sensex slips 108 pts ahead of RBI meet, on Asian cues

Peter Castro
December 8, 2017

The NSE Nifty too was quoting 28.30 points, or 0.27 per cent, down at 10,099.45.

Weak Asian cues as technology stocks tracked a sell-off in their U.S. counterparts that saw the Nasdaq tumbling over 1 per cent overnight, weighed on the sentiments, brokers said.

The benchmark BSE Sensex and the NSE Nifty opened higher on Thursday. Participants sensed value-buying opportunities after equities' recent lacklustre run, making stock valuations attractive, brokers said. Positive opening in European shares boosted investors' sentiment in the domestic market.

"Technically, while the Nifty has bounced back smartly, the underlying trend remained down".

The index had lost 205 points yesterday after the Reserve Bank held the policy rate and raised the inflation forecast for the remainder of the fiscal.

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Major Asian indices closed higher. However, RBI reiterating an economic growth of 6.7 per cent for FY18 uplifted the sentiment.

On the currency front, the rupee weakened by 4-5 paise at 64.57-56 against the U.S. dollar from its previous close at 64.52.

"Upcoming state election in Gujarat and rupee movement against dollar ahead of U.S. tax reform will be keenly watched for further momentum in the market". Most Asian shares declined as United States policy uncertainty kept sentiment in check.

Major gainers in the 30-share index were NTPC (2.20%), Maruti Suzuki India (2.16%), Tata Steel (2.08%), Bajaj Auto (1.95%), and Larsen & Toubro (1.66%).

Coal India (-0.7%), TCS (-0.6%), Cipla (-0.4%), and Wipro (-0.5%) were the top losers.

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