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Sensex, Nifty off to a weak start; all eyes on RBI policy decision

Barring IT and teck, all other sectoral indices were in the green on BSE.

Jun 04, 2019, 09.44 AM IST
NEW DELHI: Domestic equity benchmarks started Tuesday's session on a bumpy track, with headline index Sensex swinging around 165 points within the first 10 minutes of the trade.

Weak Asian cues hit the sentiment, whereas a sustained fall in crude oil prices, rupee's rise against the dollar and hopes of a rate cut by the RBI capped the losses.

Asian peers remained under pressure, tracking Wall Street, on concerns of economic slowdown amid a prolonged and an escalating US-China trade war that has begun spilling into other countries.

Around 9:30 am, the BSE Sensex was 35 points down at 40,232, while the Nifty was 14 points down at 12,074.

TCS, Infosys, ICICI Bank, HCL Tech and HUL were among the top drag on Sensex. On the other hand, Larsen & Toubro, ITC, Reliance Industries, NTPC and YES Bank were holding up.

Barring IT and teck, all other sectoral indices were in the green on BSE.

Most IT stocks declined amid a rise in the rupee against dollar. The rupee climbed 23 paise against the US dollar as the American currency lost some ground against major currencies overseas on increased selling of the greenback by exporters and banks.

Meanwhile, the inflow of foreign capital continued on Monday. Foreign portfolio investors (FPIs) bought Rs 3,069 crore worth of domestic stocks on Monday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 463 crore.

Foreign investors have been buying into Indian market after Narendra Modi-led NDA got a decisive mandate in the general election 2019. Moreover, extended fall in crude oil prices has also pushed them to look into Indian stocks.

Oil prices were pressured in international markets on Tuesday by an economic slowdown that has started to impact fuel consumption, although some support came from a Saudi Arabian statement that consensus was emerging with other producers over extending supply cuts, Reuters reported.

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