Indian shares gave up early gains to slip into the red on Wednesday as investors await the RBI policy outcome later in the day for directional cues.
Market participants are bracing for a 25-50 bps hike in the key repo rate and a sharp upward revision in the central bank’s inflation forecast for FY23.
The benchmark S&P BSE Sensex dropped 116 points, or 0.2 percent, to 54,990, while the broader NSE Nifty index was down 30 points, or 0.2 percent, at 16,386.
Sun Pharma, Apollo Hospitals Enterprise, Nestle India, Tata Consumer Products and Britannia Industries fell 1-2 percent, while ONGC surged nearly 3 percent to extend recent gains.
JSW Steel, NTPC, Tata Steel and SBI Life were all up over 1 percent.
Cineline India rallied 3.4 percent on news it would raise Rs. 35.1 crore through issue of convertible warrants too promoters.
Zee Entertainment rose about 1 percent after LIC bought 2 lakh shares in the media company through open market transactions on June 6.
Hindustan Copper gained 1 percent after it resumed mining operations at the Surda mine in Ghatshila, Jharkhand.
Market Analysis
Sensex, Nifty Slip Into Red Ahead Of RBI Policy Decision
2022-06-08 04:19:00
