Markets tumble ahead of RBI policy meeting

6 Jun 2023 , 01:15 PM

Indian benchmark indices fell marginally in the Tuesday afternoon session as the downfall in IT pack surpassed the gains in auto and real estate stocks. The market sentiment was influenced by the anticipation of a potential pause in interest rate hikes by both the U.S. Federal Reserve and the Reserve Bank of India, as they approached their respective policy meetings.

On the sectoral front, the Nifty IT index is trading 2.23% lower as selling pressure in IT stocks could be seen. Nifty Auto and Real Estate indices are trading with an uptick of nearly 1%. All other sectoral indices are trading flat.

At around 1.10 PM, BSE Sensex is trading 177 points lower at 62,610. NSE Nifty is down by 45 points at 18,549.

So, Ultra Tech Cement (+2.51%) is the top gainer on the nifty index. Axis Bank (+1.51%), Maruti Suzuki (+1.43%), Tata Motors (+1.43%), and Grasim (+1.41%) are joining the rally with over 1% gain each.

Tech Mahindra (-2.38%) is the top laggard, followed by IT giant Infosys (-2.10%). TCS (-1.98%), HCL Tech (-1.58%), and Wipro (-1.19%) were the other losers, weighing down the IT index.

A total of 28 stocks advanced on the nifty index, while 22 stocks declined.

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