Market

Spot gold was down 0.6 per cent at $1,306.71 per ounce at 12:22 GMT, after having risen for the previous two sessions.

Share markets started the week on a lacklustre note with the Sensex declining as much as 237 points in morning deals. The Nifty fell as much as 86 points to touch 10,857. Analysts awaited key macroeconomic data due later this week for share market cues.

Last week, both the key equity indices rose on the back of Reserve Bank of India's rate cut along with healthy foreign fund inflows.

Seventeen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal and S&P BSE Auto indices' over 3 per cent decline.

Tata Motors reported its biggest ever quarterly loss of Rs 26,993 crore compared with a profit of Rs 1,199 crore.

Domestic equity benchmarks extended decline led by losses in Tata Motors, Vedanta, Larsen & Toubro and Mahindra & Mahindra. The S&P BSE Sensex fell as much as 389 points to 36,582 and the NSE Nifty 50 Index declined as much as 118 points to 10,952. S&P BSE Auto Index was the top sectoral loser, down 3.13 per cent dragged by sharp fall in Tata Motors after reported surprise loss in December quarter. Metal and PSU banking stocks were also witnessing selling pressure.

The Reserve Bank of India said on Thursday it expected growth in the GDP or gross domestic product at 7.4 per cent in the next financial year. GDP growth is projected in the range of 7.2-7.4 per cent for the first half of 2019-20, and 7.5 per cent in the third quarter of the year, said the RBI in its sixth bi-monthly policy statement for 2018-19. Reserve Bank of India Governor Shaktikanta Das said the risks are evenly balanced for economic growth.

The BSE Sensex rose as much as170 points to hit 37,145 in early trade while the NSE Nifty touched 11,101, up 39points from the previous close. Analysts awaited the outcome of the three-day policy review meeting of the Reserve Bank of India's Monetary Policy Committee due later in the day. Top gainers on the 50-scrip index were Sun Pharma, Cipla, HCL Tech, Adani Ports and Tata Motors.

The S&P BSE Sensex snapped its five-day winning streak while the NSE Nifty 50 Index was little changed despite the Reserve Bank of India surprising the street with a rate cut and changing policy stance to "neutral" under Governor Shaktikanta Das's first monetary policy review.

Rally in today's session was led by Reliance Industries, ICICI Bank, Infosys and Tata Consultancy Services.

Tech Mahindra's revenue from operations advanced 3.63 per cent to Rs 8,943.7 crore from Rs 8,629.8 crore during July-September quarter.

Stock markets extended gains, with the Sensex rising as much as 385 points and the Nifty firm above 11,050 for the first time in more than four months. The 30-scrip Sensex rose as much as 385 points to touch 37,000 mark for the first time since September 21 in afternoon trade, while the Nifty 50 Index climbed 131 points to 11,065. Gains were led by Reliance Industries, ICICI Bank, TCS and ITC. The Nifty had last crossed the 11,000 mark in intraday trade on October 1. At 3:17 pm, the Sensex traded 346 points higher at 36,963 while the Nifty was at 11,058, up 124 points.

The U.S. Federal Reserve's recent caution continued to feed risk appetite but there were a number of idiosyncratic factors marching markets higher.

Forex dealers said investors were cautious ahead RBI's Monetary Policy Committee outcome scheduled for February 7.

The overall market breadth was bearish as nearly 1,700 shares ended lower while a little over 850 shares ended higher on the BSE.