Equity markets turn cautious ahead of RBI policy meet outcome

Around 12.30 p.m., the wider Nifty50 of the National Stock Exchange traded flat -- mere 5.50 points or 0.05 per cent higher at 10,503.75 points. - Sakshi Post

Mumbai: Paring morning gains, key Indian equity indices traded on flat note during the mid-afternoon session on Wednesday as investors turned cautious ahead of the sixth bi-monthly Monetary Policy outcome later during the day.

Around 12.30 p.m., the wider Nifty50 of the National Stock Exchange traded flat -- mere 5.50 points or 0.05 per cent higher at 10,503.75 points.

On the other hand, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,563.30 points, traded at 34,193.20 points -- down 2.74 points or 0.01 per cent from its previous session's close.

The Sensex has so far touched a high of 34,666.33 points and a low of 34,059.59 points during intra-day trade.

The BSE market breadth was however bullish with 1,952 advances and 629 declines.

"Indian shares opened higher Wednesday on value buying by local fund amid positive global cues while bond yield holding much of their value relieved investors," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"The RBI's MPC outcome is expected to reveal its hold interest rate study while focus will be on its commentary," he added.

On Tuesday, the key indices witnessed their steepest intra-day fall -- with the Sensex shedding a staggering 1,200 points before recovering by over 700 points -- in almost two-and-a-half years following a global sell-off.

The Sensex closed at 34,195.94 points, down 561.22 points or 1.61 per cent, while the Nifty50 closed trade at 10,498.25 points -- down 168.30 points or 1.58 per cent.

(IANS)

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