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Nifty below 10,950 mark ahead of RBI policy; Indiabulls Housing, Tata Steel stocks drag

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Equity benchmark indices fluctuated between gains and losses in the opening trade on Wednesday ahead of Reserve Bank of India monetary policy today. Cipla, Yes Bank, and Tech Mahindra among top gainers, while losers include BPCL, Reliance, Tata Steel and Titan on the Nifty.

The Indian rupee depreciated to 70.98 against the greenback.

The Sensex fell 69 points at 36,908 and the Nifty 50 index was down 13 points at 10,935. On the NSE, 889 shares rose and 605 shares fell. A total of 552 shares were unchanged.

Shares of Reliance Industries are trading flat on the BSE. The firm announced a fuel retail joint venture with British major BP.

Shares of Indiabulls Housing Finance tanked 8% after its NII for Q1FY20 has declined by 12.7% QoQ to Rs1,475cr against Rs1,690cr in Q1FY19.

The most active stocks are Titan, Indiabulls HF, and YES Bank.

Among others, Asian stocks were mixed Wednesday as investors digested the Chinese central bank's daily midpoint fix for its currency's exchange rate against the dollar.

Oil prices steadied after falling at the start of the session, with the potential for damage to the global economy and fuel demand from the intensifying Sino-US trade dispute continuing to cast a shadow over the market.

Further, Sushma Swaraj, former external affairs minister, and senior BJP leader passed away on Tuesday night due to cardiac arrest.

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