In a volatile market, the S&P BSE benchmark sensex trimmed its earlier losses but was still quoted down by 8 points on mild selling ahead of the Reserve Bank of India's fourth bi-monthly monetary policy review. Brokers said besides weak trend on other Asian bourses tracking overnight fall in the US markets, selective selling by cautious funds and retail investors ahead of RBI's policy review later in the day influenced sentiments.
The sensex resumed higher at 26,610.71 and hovered in a range of 26,615.20 and 26,547.44 before quoting at 26,589.11 at 1000hrs, showing a loss of 8 points of 0.03 per cent from its last close. The NSE 50-share Nifty also moved down by 5.50 points or 0.07 per cent to 7,953.40 at 1000hrs. Major losers were Hindalco (1.72 per cent), TCS (1.36 per cent), Axis Bank (1.32 per cent), Gail India (0.98 per cent) and Coal India (0.64 per cent). However, HDFC rose by 1.49 per cent, Tata Power 1.08 per cent, Dr Reddy's Lab 1.03 cpt, Bajaj Auto 0.98 per cent and Bharti Airtel 0.91 per cent. Asian stocks declined in their early trade amid concern over tensions in Hong Kong and as a Chinese manufacturing gauge missed estimates.
Key benchmark indices in China, South Korea, Hong Kong, Taiwan, Japan, and Singapore fell 0.1 per cent to 1.47 per cent. US stocks ended lower yesterday following protests in Hong Kong that added to worries about Chinese growth and after a disappointing forecast from Ford Motor Co.