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Nifty below 8550, RBI meet eyed; banks, auto under pressure

India’s biggest lenders State Bank of India, ICICI Bank, HDFC Bank and Axis Bank, and housing finance company HDFC declined 0.5-0.9 percent. Auto stocks like Tata Motors, Mahindra & Mahindra, Bajaj Auto, Hero Motocorp and Maruti Suzuki slipped 0.5-1 percent post November sales data.

10:15

The News International Team

Nifty below 8550, RBI meet eyed; banks, auto under pressure

Equity benchmarks continued to see marginal selling pressure as rate sensitives like banks and autos declined ahead of RBI credit policy.

The 30-share BSE Sensex slipped 67.61 points to 28492.01 and the 50-share NSE Nifty fell 22.75 points to 8533.15. The broader markets remained flat.

India’s biggest lenders State Bank of India, ICICI Bank, HDFC Bank and Axis Bank, and housing finance company HDFC declined 0.5-0.9 percent. Auto stocks like Tata Motors, Mahindra & Mahindra, Bajaj Auto, Hero Motocorp and Maruti Suzuki slipped 0.5-1 percent post November sales data.

Infosys lost 1.5 percent after adjusted for bonus issue in the ratio of one share for every one share held.

However, shares of Reliance Industries, ONGC, Larsen & Toubro and BHEL bounced back, up 0.5-1 percent. Power stocks like Tata Power and NTPC too rebounded with a percent gain.

Cairn India bounced back with more than a percent gain after Brent crude recouped some losses to trade at USD 72 a barrel from five-year low of around USD 68-69 a barrel. However, BPCL and Asian Paints fell 2-3 percent.

09:15

Sensex, Nifty fall ahead of RBI policy; Infosys slips 2%

Bajaj Auto, Mahindra & Mahindra, HDFC Bank, Gail India, Infosys, BPCL, DLF and Asian Paints were under pressure in early trade, down 0.7-2 percent.

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