Markets open lower ahead of RBI policy meet

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Markets open lower ahead of RBI policy meet
Markets opened the day marginally lower ahead of the RBI's Monetary Policy due at 11.00 am IST. The Sensex was trading lower by 49 points, while the Nifty was lower by 11 points in early trade.

Banking stocks once again hogged the limelight betting on the RBI cutting the MSF requirements for banks. Most of the banking stocks were trading higher including names like Axis Bank, Canara Bank and Union Bank. However, Yes Bank dropped almost 2 per cent after the whopping rally of 23 per cent on Thursday on profit booking.

ICICI Bank was also trading marginally lower. Software stocks were back in the limelight after failing to participate in Thursday's rally. Among the gainers in trade were TCS, Infosys and HCL Tech.

Nifty stocks that lost ground in trade were Tata Power, Sun Pharma, Power Grid and Lupin. On the other hand Nifty stocks that lost maximum ground were Ranbaxy Labs, Jaiprakash Associates and Jindal Steel.

PSU Banking stocks Dena Bank and Vijaya Bank both dropped in trade after the stocks were excluded from the NSE F&O space.

Shares of HCL Tech were in the limelight after the FIPB cleared a proposal to hike FII stake in the company.

FMCG stocks Hindustan Unilever and ITC saw some selling pressure after Thursday's sharp rally.

Meanwhile, markets in Asia were trading flat to negative after Thursday's smart up move. The Jakarta Composite which rallied more than 4.5% on Thursday gave up gains and was trading 1% lower. The Singapore's Strait Times was also trading lower, while the Japanese Nikkei was marginally higher.

Read more about: sensex, nifty, yes bank
Story first published: Friday, September 20, 2013, 9:37 [IST]
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