NEW DELHI: The S&P BSE Sensex dropped 150 points after the RBI maintained a status stagnation in its policy meet today, the Sensex was at 28,491.82; down 67.80 points and Nifty was at 8,533.05; down 22.85 points.
Indian stock markets opened lower on Tuesday tracking weak global cues. Crude oil prices bounced from five-year lows hit on Monday putting pressure on equities.
The Reserve Bank’s bi-monthly credit policy announcement will be the big focus for domestic equities today. There is a consensus among economists that the central bank will not cut repo rate today. However, rate sensitive stocks have outperformed in the run up to the policy announcement.
Banks, auto and realty stocks fell in morning trade today. The Bank Nifty was down 0.4 per cent, while the CNX Auto index and Realty index were down around half a per cent each.
ICICI Bank and HDFC Bank fell nearly 0.7 per cent, while the state-owned Union Bank of India declined over 1 per cent.
Bajaj Auto fell over 2 per cent as its motorcycle sales for the month of November fell 6 per cent year-on-year to 2.6 lakh units. The stock was the top loser in Nifty.