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Markets trade lower as RBI monetary policy takes focus; Nifty 50 around 18,650; Metal index drive

  • India Infoline News Service |
  • 05 Dec, 2022 |
  • 9:42 AM
Indian markets traded in the red during Monday's opening bell as the focus now shifts towards RBI's monetary policy amid mixed global cues. The domestic equities tracked RBI Policy meeting as concerns over uncertainties and moderate rate hikes on the card. IT, auto and FMCG stocks weighed on Sensex and Nifty 50.

RBI's monetary policy meet has begun from today onward and an outcome will be announced on December 07, 2021. All eyes on policy stance as financial markets will watch the committee's rate hike stance if any, as inflation is still above the 6% target band.

At around 9:45 AM, Sensex was trading at 62,723.76 down by 144.74 points or 0.23%. Nifty 50 performed at 18,660.65 lower by 35.45 points or 0.19%. 

On NSE, in terms of sectoral indices, the IT, Auto, FMCG index dived more than 0.5% each. On the contrary, the Metal index was the top bull surging around 1.1%.

Bulls on Nifty were - Hindalco (+2%) followed by Tata Steel, JSW Steel, UPL, NTPC with substantial gains.

Bears on Nifty were - Hindustan  Unilever falling over 1.1% followed by SBI Life and Hero MotoCorp tumbling 0.9% each, Nestle and Britannia shed more than 0.8% each.

In the early deals, Asian markets opened mixed with the Japanese 'Nikkei' trading marginally higher in early trade while other markets see mixed reaction to US jobs numbers with all eyes on the Federal Reserve meeting next week.

Last week, on Friday, US markets ended the session with sharp intra day swings as Dow Jones recovered from down 400 to close higher by 34, while Nasdaq recovered from down 165 to close lower by 18.

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