Sensex falls 29pts ahead of RBI policy; IT shares up on weak Re
The benchmark Sensex on Monday fell about 29 points to end at 26,597.11 on weakness in interest rate sensitive banking and auto shares ahead of RBI's monetary policy review.business Updated: Sep 29, 2014 18:37 IST
The benchmark Sensex on Monday fell about 29 points to end at 26,597.11 on weakness in interest rate sensitive banking and auto shares ahead of RBI's monetary policy review.
The BSE 30-share index on Monday resumed better and gyrated in and out of positive terrain in a range of 26,715.77 and 26,518.01, before concluding at 26.597.11 -- a minor fall of 29.21 points or 0.11%. Last Friday, it had risen by 157.96 points or 0.60% helped by S&P's rating upgrade.
The 50-issue CNX Nifty of the NSE also eased by 9.95 points, or 0.12%, to 7,958.90.
"Buying was seen prominently in IT and Pharma stocks. On the other hand, selling in sectors such as Metal and FMCG limited the upside. Positive GDP data from US boosted market sentiment, while indecision was seen ahead of RBI monetary policy scheduled tomorrow," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
Shares of IT majors TCS, Infosys and Wipro notched up 1-3% gains tracking weakness in rupee against US dollar and strong US economic data that boosts prospects of their biggest market.
Fall in the ITC, ICICI Bank, HDFC Bank, HDFC, ONGC, Sesa Sterlite, Tata Steel, Bajaj Auto, Hero MotoCorp and Coal India mainly weighed on the market sentiment.
According to market participants, a near term major event is a monetary policy to be announced by the Reserve Bank of India (RBI) and Prime Minister Narendra Modi's meeting with US President Barack Obama.