Sensex logs 1st fall in seven days; pharma, financials spoil party
Mumbai: Market benchmark indices broke their six-session rising streak Tuesday as cautious investors weighed a host of factors like depreciating rupee, rising crude prices and weak global cues. Besides, a caution ahead of RBI policy meet outcome and uncertainty over the longevity of recently enforced US-China trade truce impacted market sentiments.
The BSE Sensex ended lower by 106.69 points, or 0.29 per cent, to close at 36,134.31. Similarly, the broader NSE Nifty edged up by 14.25 points, or 0.13 per cent, to end at 10,869.50. Pharma major Sun Pharma remaind the worst loser in the Sensex pack for the second day in a row after report that regulator Sebi may reopen the insider trading case against the company.
HDFC twins were the other major laggards in the 30-share index. The Indian rupee Tuesday furthered losses by 19 paise to 70.65 (intra-day) against the US dollar amid strengthening of the US dollar and rising crude prices.
Brent crude was trading 2.40 per cent up at USD 63.17 per barrel. Meanwhile, market participants are keenly awaiting the Reserve Bank's bi-monthly policy meet outcome, to e announced Wednesday afternoon, which is expected to set the tone for the markets in the near term.
Analysts said market traded range-bound with some negative bias amid caution ahead of RBI policy meet results and rebound in oil prices. "Rupee gave up some gains while the fall in India's 10 year bond yield to 7.5 is giving a sign of dovish policy from the RBI," they added.