Published: Fri, December 08, 2017
Culture&Arts | By Darrell Mcdonald

Sensex and Nifty falls marginally ahead of RBI interest rate outcome

Sensex and Nifty falls marginally ahead of RBI interest rate outcome

European markets were modestly higher in early trade as investors digested merger and acquisition news and awaited further details on progress towards US tax reform.

Buying interest in index heavyweights like energy and IT sectors cushioned the losses. "The Nifty would need to cross the previous intermediate high of 10,410 to reverse the current downtrend", he added. At 11.30 a.m, the Sensex was trading up 223.09 points or 0.68% at 32,820.27 with 27 components gaining.

Major losers were SBI, ICICI Bank, HDFC Bank, Axis Bank, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Hero MotoCorp, Tata Steel, ITC Ltd and Wipro.

Gainers included Reliance 1.39 per cent, Infy 0.57 per cent and Cipla 0.47 per cent.

Domestic institutional investors (DIIs) bought equities worth a net Rs 1,074.39 crore. U.S. stock ended lower yesterday, driven by losses in utilities, telecoms and industrials sectors.

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On the currency front, the rupee weakened by 4-5 paise at 64.57-56 against the United States dollar from its previous close at 64.52.

Sharp fall in global oil prices on Wednesday also boosted investor sentiment.

"Upcoming state election in Gujarat and rupee movement against dollar ahead of U.S. tax reform will be keenly watched for further momentum in the market". It moved between 64.39 and 64.48 in morning trade.

The dollar advanced against its peers, bolstered by reports that the U.S. Congress is on track to approve legislation that would avert a partial government shutdown over the weekend.

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