Here are 10 things to know:
Nifty PSU Bank - an NSE index comprising state-run lenders - finished 1.3 per cent lower. Prominent laggards from the sector included Punjab National Bank, which fell 2.5 per cent.
Investors in the domestic markets remained cautious ahead of election results for some states due next week, say analysts.
"Our markets are underperforming, awaiting (state) election results next week. Other parameters like crude price and trade war concerns have turned positive," news agency Reuters cited Neeraj Dewan, director, Quantum Securities, as saying.
The result of elections in Madhya Pradesh and Mizoram, among others, are expected to set the tone for the national elections scheduled in May 2019.
However, gains in informational technology stocks provided some respite to the markets.
TCS, Infosys and Wipro ended between 1.4 per cent and 1.9 per cent higher, contributing to a 1.8 per cent rise in the Nifty IT index.
The rupee weakened as crude oil prices and the dollar strengthened overseas, and was set to close lower for the day. The rupee declined by 9 paise against the greenback to hit 70.55 at the day's weakest level.
Weakness in the rupee boosts profitability for exporters such as IT companies.
Caution prevailed among investors a day ahead of the release of the Reserve Bank of India's bi-monthly policy statement.
The RBI is expected to keep the repo rate - the key interest rate at which it lends short-term funds to commercial banks - unchanged at 6.50 per cent in Wednesday's review, according to a poll of 70 economists by news agency Reuters.
(With agency inputs)
Post a comment