Equity benchmarks opened lower on Thursday, with the Sensex falling more than 100 points on profit booking as investors maintained cautious stance ahead of outcome of RBI Monetary Policy Committee meet later today. Weak global cues also weighed.
The 30-share BSE Sensex was down 117.91 points at 29,856.33 and the 50-share NSE Nifty fell 36.60 points to 9,228.55.
HDFC, Reliance Industries, ICICI Bank and L&T dragged the market while Tata Motors and Bajaj Auto were gainers.
The Indian rupee declined in early trade. It has opened lower by 18 paise at 65.05 per dollar versus 64.87 Wednesday.
"The dollar has been in a tight range against majors in the absence of any significant triggers. The FOMC minutes released yesterday were in-line with market expectation of a spaced out rate hikes during the year."
"Rupee has rallied strongly on the back of custodial selling. We expect the USD-INR pair to trade in a range of 64.85-65.15/dollar for the day," he added.
Asian markets fell, tracking losses on Wall Street after the Federal Reserve released its March Federal Open Market Committee (FOMC) minutes which was viewed as hawkish.