Sensex slips 47 points as RBI holds policy rate

Sensex Nifty down 0.17% Reliance shares gain 2

Indian shares slipped in early trade on Thursday as investors were nervous ahead of RBI's monetary policy meet and as Asian markets remained muted on overnight losses in the US.

The Nifty ended 0.03 percent lower at 9,261.95, after having fallen as much as 0.50 percent before the central bank's policy announcement.

The Sensex at the BSE closed 47 points or 0.16 per cent down at 29,927 while the NSE Nifty ended three points lower at 9,262.

The Sensex touched a high of 29,954.25 points and a low of 29,817.59 points during the intra-day trade.

The RBI left the short-term lending rate or repo rate unchanged at 6.25 per cent, and the cash reserve ratio static at 4 per cent.

The central bank also projected the GDP growth for the current fiscal at 7.4 per cent, up from 6.7 percent in 2016-17.

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Among BSE sectoral indices, metal index fell the most by 1.21 per cent, followed by capital goods 0.85 per cent, consumer durables 0.79 per cent and healthcare 0.68 per cent.

Anand James, Chief Market Strategist, Geojit Financial Services, said: "With no major surprises from RBI, markets stabilised, but will await the NPA (non-performing assets) resolution measures that is widely expected shortly".

Meanwhile, foreign portfolio investors (FPIs) remained net buyers on the domestic bourses, snapping up shares worth a net Rs 340.13 crore yesterday, as per provisional data released b the stock exchanges. However, due to profit-taking at record levels, it shed some ground to close at 9,265.15, up by 27.30 points or 0.30%.

In contrast, the BSE market breadth was marginally bullish - with 1,476 advances and 1,403 declines.

The total turnover fell to INR 3,600.82 crore from Wednesday's closing level of INR 4,390.72 crore. Japan's Nikkei 225 is trading in red, down by 1.39 per cent, Hang Seng down by 0.46 per cent while South Korea's Kospi was down by 0.52 per cent. On the other hand, realty index was up 0.88 per cent, oil & gas 0.48 per cent, IT 0.16 per cent and TECk 0.01 per cent.

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