Domestic benchmark indices trading in the red after a gap-down opening on Tuesday's trading session. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session. Moreover, Indian markets may witness volatility ahead of RBI policy outcome tomorrow.
On the sectoral front, except PSU Bank, all other sectoral indices are trading in the red territory. IT index underperformed by tumbling over 465 points follwed by auto, pharma and metal stocks plunging marginally.
At around 2:00 PM, Sensex was trading at 62,550.12 lower by 284.48 points or 0.45%. Nifty 50 traded at 18,615.10 lower 85.95 points or 0.46%
Top Bulls on Nifty 50 are: Adani Enterprises (+2.4%), HUL (+0.7%), Britannia (+0.6%) supported by Adani Ports (+0.5%) and RIL (+0.4%). Meanwhile, top losers on Nifty are: Tata Steel (-2.7%), UPL (-2.15%), Hindalco (-2.11%), BPCL (-1.91%) and Dr Reddy (-1.8%).
Further, PSU Banks are at the centre of an uncharacteristic rally, a day before the MPC meeting. Public banks rallied 3% so far after a report projected higher margin growth over private sector banks. The report cites sustained loan growth over the years as the basis for this. In the last month, the PSU index has zoomed nearly 18%.
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