Sensex trades lower, Nifty below 10,100; RBI rate decision eyed
Equity benchmarks extended losses in opening on Wednesday, with the Nifty falling below 10,100 level, dragged by banking and financials as investors maintained cautious stance ahead of RBI policy decision.
The 30-share BSE Sensex was down 77.36 points at 32,725.08 and the 50-share NSE Nifty fell 31.90 points to 10,086.40.
About 692 shares declined against 451 advancing shares on the BSE.
Eicher Motors, Hindalco Industries, Bajaj Finance, Yes Bank, Indiabulls Housing, HDFC Bank, ICICI Bank, HUL, PNB, Bank of Baroda and Coal India were early losers while Infosys, Tech Mahindra, Cipla, IndusInd Bank and Dr Reddy's Labs were gainers.
The rupee depreciated by 3 paise to 64.41 against the dollar at the interbank forex market today ahead of the announcement of RBI's monetary policy amid foreign fund outflows.
Dealers said increased demand for the American currency from importers also weighed on the rupee but dollar's weakness against other currencies overseas limited the losses.
Yesterday, the rupee had struggled to hold on to early strong gains and eventually ended the day almost flat at 64.38 against the US dollar.
Life Insurance Corporation of India (LIC) said it has invested Rs 44,000 crore in the equity markets between April-November this year, a rise of 52 per cent over the year-ago period.
It had invested around Rs 29,000 crore in April-November period in the previous fiscal.
In the first half of the current fiscal, the life insurance major had more than doubled its investment in equities to Rs 39,224 crore from Rs 18,000 crore in the same period last fiscal.
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