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Sensex choppy ahead of RBI policy; oil, metals stocks down

13:18

The News International Team

Sensex choppy ahead of RBI policy; oil, metals stocks down

Equity benchmarks remained directionless with the Nifty hovering around 8590 level ahead of RBI policy scheduled to be announced on Tuesday. FMCG, healthcare, technology and select auto stocks supported the market while capital goods, metals, oil and power stocks lost ground.

The Sensex declined 0.43 points to 28693.56 while the Nifty gained 1.55 points at 8589.80. About 1233 shares have advanced, 1349 shares declined, and 81 shares are unchanged.

Auto companies remained in focus on account of November sales data expected today. Maruti gained 2 percent today as sales grew 19.5 percent year-on-year to 1.1 lakh units with exports up over 50 percent and domestic sales jumping 17 percent.

TVS Motor climbed over 3 percent as the two-wheeler maker recorded a 36 percent sales growth in November and its exports grew by 55 percent year-on-year to 39,215 units. Its rival Hero Motocorp gained over 2 percent ahead of sales numbers.

Hindustan Unilever topped the buying list on the Sensex, up nearly 3 percent followed by TCS, Axis Bank, Cipla and Wipro with over 1.5 percent gain.

However, shares of Reliance Industries, HDFC, ONGC, State Bank of India, Tata Steel, Sesa Sterlite, BHEL, Tata Power, Gail India and Hindalco Industries fell 1-2.8 percent.

Gold companies like Titan, Shree Ganesh Jewelley, TBZ and PC Jeweller are zooming ahead, up 6-20 percent after the Reserve Bank of India removed the 80:20 scheme which curbed gold imports. This came as a big relief for the jewellery industry as it reduces bureaucratic hassles, delays and uncertainty.

Meanwhile, market sentiment is supported by lower global crude oil prices. Brent crude slipped below USD 70 a barrel. Prices have fallen for fifth straight months and are on longest losing streak since the 2008 financial crisis.

Bonds rallied as weak GDP and falling crude prices led market to hope for an outside chance that the RBI will cut rates tomorrow. CNBC-TV18 poll shows that 95 percent economists don’t expect a cut tomorrow while 60 percent expect the governor to sound dovish.

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