Sensex, Nifty Slump After Record High Ahead of RBI Policy
Indian equity benchmarks S&P BSE Sensex and Nifty halted a record run ahead of RBI policy on Wednesday, 3 April, reported BloombergQuint. The markets closed on Wednesday with Sensex dropping 179.53 points to close at 38,877.12 and Nifty ended 69.25 points lower at 11,643.95.
S&P BSE Sensex and NSE Nifty 50 had hit a new all-time high in the opening trade on Wednesday morning.
The S&P BSE Sensex rose as much as 0.47 percent to 39,241.81 and the NSE Nifty 50 Index hit a new all-time high at 11,761. The broad market index represented by the NSE Nifty 500 Index rose as much as 0.4 percent.
According to experts cited by PTI, inflow of foreign liquidity in expectation of rate cut from the Reserve Bank of India (RBI) and revival in earnings will provide some stability in the market.
The Monetary Policy Committee (MPC) is holding a two-day meeting between 2 and 4 April for the first bi-monthly policy statement for 2019-20. The RBI will unveil its first bi-monthly monetary policy decision of this new fiscal on Thursday.
Meanwhile, the Indian rupee opened higher against the US dollar on Wednesday, appreciating as much as 0.25 percent to 68.57 against the greenback.
On Tuesday, the Sensex closed at an all-time high of 39,056.65, while the the NSE Nifty ended above the key 11,700-level on intense buying in auto, IT and banking sticks amid RBI rate cut hopes and robust global sentiment.
(With inputs from BloombergQuint and PTI.)