MUMBAI– Indian equity benchmarks closed slightly lower on Tuesday as investors remained cautious ahead of the Reserve Bank of India’s Monetary Policy Committee (MPC) announcement.
The Sensex slipped 97 points, or 0.12 percent, to finish at 80,267.62. The 30-share index had opened higher at 80,541.77, snapping a seven-day losing streak from Monday’s close of 80,364.94, before turning negative on selling pressure in heavyweights such as ITC and Tech Mahindra.
The Nifty also eased, ending at 24,611.10, down 23.80 points, or 0.10 percent.
“The domestic market traded within a narrow range on the monthly expiry day, as investors exercised caution ahead of the RBI’s policy. The market attempted to stabilize after last week’s sustained decline,” analysts said. While the RBI is widely expected to keep rates unchanged, traders are awaiting the central bank’s commentary for guidance on future rate moves.
Among major losers were Bharti Airtel, ITC, Trent, Bajaj FinServ, Titan, Reliance, Tech Mahindra, and L&T. On the gaining side, Adani Ports, Tata Motors, BEL, Hindustan Unilever, Sun Pharma, Mahindra & Mahindra, and Asian Paints advanced.
Sectoral performance remained mixed for a second consecutive session. Nifty FMCG fell 235 points (0.43 percent), and Nifty IT slipped 37 points (0.11 percent). Meanwhile, Nifty Auto gained 105 points (0.40 percent), Nifty Bank rose 174 points (0.32 percent), and Nifty Financial Services added 15 points.
In the broader market, the Nifty 100 shed 19 points, the Nifty Midcap 100 closed flat, while the Nifty Smallcap 100 edged up 14 points (0.08 percent).
“On the monthly expiry day, the Nifty index ended weak, facing stiff resistance near its 100-day EMA around the 24,750 zone. The index has been forming a lower highs–lower lows pattern for the past three sessions, highlighting strong bearish control. Unless Nifty reclaims and sustains above its 50-day EMA, the short-term outlook remains negative,” said Vatsal Bhuva of LKP Securities. (Source: IANS)
