Mumbai: Indian equity markets traded on a flat note with marginal losses during the mid-afternoon session on Wednesday.
Caution ahead of announcement of the monetary policy review by the Reserve Bank of India (RBI), coupled with selling pressure witnessed in metal, capital goods and FMCG stocks, kept investors’ sentiments subdued.
Around 2.10 p.m., the wider Nifty50 of the National Stock Exchange (NSE) fell by 14.55 points, or 0.14 per cent, to trade at 10,100.10 points.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,641.58 points, traded at 32,548 points — down 27.17 points, or 0.08 per cent, from its previous close at 32,575.17 points.
The BSE market breadth was bearish with 1,430 declines and 1,119 advances.
“Indian stocks turned flat after hitting fresh high in early trade today. The RBI would be announcing it monetary policy decision later in the day,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Most economists expect the RBI to lower its repo rate by 25 basis points while some even say that the central bank could even go for a 50-basis-point rate cut,” he added.
In the early morning session, the key equity indices opened on a higher note and surged to new intra-day highs on hopes of a rate cut by RBI in its monetary policy review to be announced later in the evening.
The NSE Nifty50 scaled a fresh intra-day high of 10,137.85 points and the BSE Sensex of 32,686.48 points.