Indian share market snaps seven-day winning streak, Metal stocks lead losses
Indian stocks snapped their seven-day record-breaking run today as investors booked profits ahead of the Reserve Bank of India’s monetary policy decision.
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The BSE Sensex shed 0.2% or 132 points to close at 69,521 levels, while the NSE Nifty declined 36.55 points to finish trading at 20,901.
Metal stocks bore the brunt of profit-taking, with Tata Steel, JSW Steel, Hindalco and Vedanta falling around 2% each. Among other prominent Sensex losers were Bharti Airtel, HUL, ITC and NTPC with 1-2% drops.
However, gains in power, cement and consumer durables stocks lent some support. PowerGrid, Ultratech Cement, Titan Company and ONGC rose between 1-2% each. Out of the 30 Sensex scrips, 12 managed to close higher.
On sectoral indices, BSE Metal plunged 1.8%, but Consumer Durables and Oil & Gas advanced over 1% each. Analysts said the market paused its record-setting spree as investors exercised caution ahead of the RBI’s interest rate decision on Friday.
Global cues were also largely negative, with most Asian and European indices trading lower as recession worries persisted. Meanwhile, Brent crude oil prices rebounded 2.5% to $77 per barrel.
The rupee too witnessed some recovery, closing at 82.19 per US dollar versus Wednesday’s record closing low of 82.47.