Markets quiet before monetary policy announcement

March 15th, 2012 - 12:34 pm ICT by IANS  

Sensex Mumbai, March 15 (IANS) Indian equities markets were trading quiet Thursday with investors eyeing the Reserve Bank of India’s monetary policy decision due at 11 a.m. A benchmark index was down 64 points a little before the apex bank’s announcement.

The majority view on the bourses was that the Reserve Bank of India (RBI) would not just cut interest rate it may do so only in April when it charts out the monetary policy for the next fiscal. In a bid to improve liquidity, the central bank had cut cash reserve ratio by 75 basis points last week, which came soon after a 50 bps cut in January.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,916.85 points and was ruling at 17,855.46 points at 10.44 a.m., down 63.84 points or 0.36 percent compared to its previous close at 17,919.30 points.

The Sensex had touched a high of 18,040.69 points in early trade.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange was similarly ruling dull at 5,443.55 points, down 20.35 points or 0.37 percent from its previous close.

Broader markets were quiet with the BSE 500 index trading 0.37 percent lower. The BSE midcap and small cap indices were trading lacklustre.

The market breadth was negative with 882 stocks advancing, 1,266 on the decline and 114 remaining unchanged.

Asian markets were ruling mixed.

The Japanese Nikkei was ruling 1.04 percent higher at 10,155.09 points, while Hong Kong’s index was trading 0.12 percent down at 21,281.82 points.

The Chinese Shanghai Composite index was ruling 0.12 percent down at 2,388.26 points.

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