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Indian markets on Thursday ended the day down on the back of worries that the RBI may not cut rates in its policy review to be announced early next week. The BSE Sensex closed at 19229, down 126 points (0.7 per cent). The NSE Nifty closed at 5851, down 36.50 points (0.6 per cent).
“Market participants seem to have stepped on the back foot as revival in IIP was unable to cheer market. With retail inflation spiking, investors and traders are worried that the RBI may choose to delay the much sought rate cuts. It is advisable to take some profits off the table and remain stock specific,” says Amar Ambani, Head of research, IIFL.
On the BSE, only the auto and the oil&gas sector gained. The auto index was up 0.9 per cent, while the oil&gas sector was up 0.1 per cent. The FMCG and consumer durables sectors were down 2.6 and 2.7 per cent. The power, capital goods, metal and realty index were down about one per cent.
Among the Sensex stocks, the top five gainers were Tata Motors, Jindal Steel, Bharti Airtel, Bajaj Auto and ICICI Bank. The top five laggards were ITC, Sterlite Industries, Cipla, Hindalco and HUL.
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