Sensex Falls 113 Points, Nifty Settles Below 10,500 As RBI Keeps Rates Unchanged

In the previous three sessions, the Sensex had fallen more than 1,700 points in tandem with a selloff in global markets.

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Sensex Falls 113 Points, Nifty Settles Below 10,500 As RBI Keeps Rates Unchanged

Sensex lost 0.33% while Nifty fell by 0.21% on Wednesday

The stock markets declined on Wednesday with the BSE Sensex falling more than 100 points amid a recovery in global markets. Most Asian markets ended in the red, while European markets were mostly higher in early trade. Overnight, the Dow Jones Industrial Average rose over 2 per cent in a volatile session and most of the Asian markets were also in the green. In the previous three sessions, the Sensex had fallen more than 1,700 points in tandem with a selloff in global markets. The prospect of monetary tightening across the globe had roiled global equity markets. The Reserve Bank of India is due to release its policy decision today. The central bank is expected to turn more hawkish on inflation. The BSE benchmark index - Sensex - closed 113 points lower at 34,082.7 while the NSE Nifty settled at 10,476.70, down 22 points
Here are 10 updates on the movement in Sensex and Nifty today:
  1. The rupee recovered to 64.04 against the US dollar today, after it had ended at a seven-week low of 64.24 on Tuesday. In recent trade, the rupee was at 64.12 against the US dollar.
  2. In afternoon trade, losses in the Indian stock markets were led by banking and IT shares. The midcap and smallcap stocks, which were hammered in the recent selloff, rebounded sharply, rising around 1-2 per cent.
  3. Wipro, HCL Tech, HDFC Bank and Yes Bank were the top gainers in the 50-scrip Nifty, trading around 1-2 per cent lower.
  4. Overnight, the Dow had ended up 2.33 per cent amid a volatile session.
  5. Asian shares reversed their earlier gains on Wednesday as investors dumped U.S. stock futures for safer harbours, a sign market participants remain jittery after this week's global markets rout.
  6. Though some analysts say that the selling pressure across the global markets may have abated for now, the prospect of monetary tightening across the globe remained a challenge for the long term.
  7. MSCI's broadest index of Asia-Pacific shares outside Japan was a tad softer, having risen as much as 2 per cent in early trade. Japan's Nikkei eased too but was still up 0.2 per cent. Chinese blue chips and South Korea's KOSPI index dropped more than 2 per cent.
  8. The Reserve Bank of India's sixth bi-monthly monetary policy statement for 2017-18 was released at 2:30 pm wherein the central bank kept the repo rate unchanged at 6%. The RBI was widely expected to keep its key rate unchanged.
  9. The central bank was, in fact, expected to turn hawkish since inflation has accelerated sharply.
  10. Consumer inflation (CPI) had surged to a 17-month high of 5.21 per cent in December - well above the RBI's 4 per cent target in the medium term.


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Highlights

1
Sensex recovers after yesterday's slump, opens 200 points up
2
Most Asian Markets in the green, Dow rises 2% in volatile trade
3
Market eye on Reserve Bank of India's policy decision today

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