Indian shares ended lower on Thursday ahead of U.S. CPI data that might offer clues on whether the Fed pauses, pivots or marches upwards with rates.
Markets are positioning for a slight increase in the headline rate but a decline in the core rate of inflation.
Earlier in the day, the Reserve Bank of India (RBI) left its benchmark interest rates unchanged, as widely expected, but ordered banks to maintain 10 percent incremental CRR, sending banking stocks lower.
“This is purely a temporary measure for managing the liquidity overhang. Even after this temporary impounding, there will be adequate liquidity in the system to meet the credit needs of the economy,” RBI governor Shaktikanta Das said in a press conference after the monetary policy meeting.
The benchmark S&P BSE Sensex fell 307.63 points, or 0.47 percent, to 65,688.18 while the broader NSE Nifty index settled 89.45 points, or 0.46 percent, higher at 19,543.10.
Nestle India, ITC, Britannia Industries, Kotak Mahindra Bank and Asian Paints fell 1-3 percent in the Nifty pack, while ONGC, Titan Company, IndusInd Bank, Adani Ports and Adani Enterprises rose 1-2 percent.
Zee Entertainment Enterprises soared 16.2 percent after the Mumbai bench of the National Company Law Tribunal reportedly approved the merger between Zee Entertainment Enterprises Limited and Culver Max Entertainment (Sony).
Market Analysis
Sensex, Nifty End Lower Ahead Of US Inflation Data
2023-08-10 10:24:59
