Markets Steady Ahead Of RBI Monetary Policy

Business

oi-Sunil Fernandes

By Sunil Fernandes

Updated: Tuesday, August 9, 2016, 9:38 [IST]

Benchmark indices opened the day marginally lower ahead of the RBI's Monetary Policy due later today, where the RBI is likely to maintain the status quo on interest rates.

Most of Asia was also having a quiet session after Chinese inflation cooled a bit. The Japanese Nikkei was trading with gains, while the Hang Sang was marginally lower and the Shanghai Composite up.

The Sensex was trading lower by 6 points, while the Nifty was down 4 points in early trade. Leading the set of losers in trade were stocks like Bajaj Auto and Power Grid.

Banking stocks were mixed ahead of the RBI's Monetary Policy. Private sector banking stocks like ICICI Bank and Yes Bank declined, while government owned banks like Punjab National Bank and State Bank of India managed to clock steady gains.

Select stocks like Andhra Bank and Union Bank of India, which saw heavy selling pressure on Monday, due to a poor set of results, managed to gain ground.

Individual shares start reacting to their results. Colgate, which managed to see profits moving higher by 8 per cent, saw its share price drop 2.5 per cent.

Shares in Idea Cellular continued to drop after the company reported a poor set of results. The stock dipped below the Rs 100 levels and was down almost 4 per cent at Rs 99.10.

Meanwhile, the rupee opened trade at Rs 66.77 to the US dollar. Check currency rates here

GoodReturns.in