Investors exercised caution in early trading on Thursday, causing equity benchmark indices to decline ahead of the Reserve Bank of India’s monetary policy review and a weak trend in global markets. The BSE Sensex dropped 165.16 points to 59,524.15, while the NSE Nifty fell 45.5 points to 17,511.55. Some of the biggest laggards among the Sensex firms included HCL Technologies, Axis Bank, Tech Mahindra, Maruti, Titan, ICICI Bank, Hindustan Unilever and Nestle. However, Reliance Industries, Larsen & Toubro, IndusInd Bank, Power Grid, State Bank of India and Tata Consultancy Services emerged as winners.
Meanwhile, Asian markets were mostly quoting lower, with Seoul, Japan and Shanghai experiencing drops. Hong Kong was the only market trading in the green. On Wednesday, the US markets ended mostly lower.
Commenting on the situation, Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, stated that “markets are likely to start on a cautious note with a negative bias. The outcome is important as it comes at a time when central banks across the globe continue to tame red-hot inflation,” in reference to the RBI’s monetary policy announcement.
On Wednesday, the BSE benchmark surged 582.87 points or 0.99 per cent to settle at 59,689.31, while the Nifty jumped 159 points or 0.91 per cent to close at 17,557.05. Foreign Portfolio Investors (FPIs) bought equities worth Rs 806.82 crore on Wednesday, according to exchange data.
In addition, global oil benchmark Brent crude dipped 0.88 per cent to USD 84.25 per barrel, indicating a potentially challenging environment for oil companies. The overall market conditions appear to be unpredictable and subject to rapid change, meaning investors need to remain vigilant and adaptive.
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