BSE Sensex down for 6th day, falls 47 pts ahead of RBI, US Fed meets, HDFC Bank share price hit
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The benchmark BSE Sensex today erased initial gains and ended over 47 points down, logging losses for the sixth day in a row, as investors grew nervous ahead of RBI's policy review meet where it is expected to hike rates.
Mixed global cues before the US Federal Reserve starts its two-day meeting, also affected domestic sentiments.
After a better start at 20,732.44, the BSE Sensex inched up to 20,784.03 on value-buying and positive cues from Asia.
However, it struggled at the day's peak and wiped off all gains to enter the negative terrain in the second half.
The 30-share BSE Sensex closed down 47.38 points, or 0.23 per cent, at 20,612.14 as 14 stocks declined while 16 rose.
Rate-sensitive banking, realty and auto shares were worst hit while defensive bets like healthcare and FMCG scrips saw buying. HDFC Bank, HDFC Ltd, NTPC and Coal India saw sharp losses while Bharti Airtel, Sun Pharmaceuticals Industries, Cipla Ltd and ITC Ltd rose.
The BSE Sensex has now lost over 714 points in six sessions.
The 50-share NSE Nifty index fell by 15.65 points, or 0.25 per cent, to 6,139.05, after touching the day's high of 6,190.55. SX40 index of MCX-SX fell 20.64 points to 12,264.64.
"Higher than expected inflation has fuelled expectations that RBI may hike rates in its meeting tomorrow. Similarly, outcome of Fed's meeting will have impact on Indian equity markets on Thursday," said Milan Bavishi, Head Research, Inventure Growth and Securities.
Expectations of a 0.50 per cent hike by RBI tomorrow have also built up after wholesale price index based inflation data came out higher-than-expected and price rise in retail level soared to over 11 per cent, said analysts.
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