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Markets under pressure ahead of RBI monetary policy

The Bombay Stock Exchange 30-share index was quoted at 17,072.10, down 53.88 points from its previous close of 17,125.98.

business Updated: Apr 28, 2008 15:45 IST

The stock markets faced pressure after a buoyant start as investors adopted a cautious approach ahead of the Reserve Bank's annual monetary policy review tomorrow and booked profits at higher levels.

The Bombay Stock Exchange 30-share index was quoted at 17,072.10 at 1030 hrs, down 53.88 points from its previous close of 17,125.98.

The Sensex had risen to a high of 17,271.56 in the first 15 minutes of trade after resuming at 17,251.56.

The broader 50-share S&P CNX Nifty on the National Stock Exchange was flat at 5,107.65 at 1030 hrs from its last close of 5,111.70.

The market anticipated more monetary measures by the Central Bank as inflation rose to 7.33 per cent for the week ended April 12 despite a 50 basis point hike in the Cash Reserve Ratio announced on April 17, marketmen said.

There are strong possibility of a hike in interest rates and other monetary measures to contain the rising inflation, they added.

Soaring global crude oil prices, which today neared 120 dollar a barrel level in Asian trade also caused concerns among investors.