 "Markets remain flat ahead of RBI's mid-quarter policy")
Benchmark indices continue to remain cautious ahead of the Reserve Bank of India's mid-quarter policy review scheduled today.
By 10:10, the Sensex was lower by 24 points at 20,623 mark and the Nifty declined 4 points at 6,112 mark.
The new Reserve Bank of India chief Raghuram Rajan will makes his first monetary policy statement today with expectations that he may scale back some of the emergency measures that helped the rupee bounce from a record low.
It is widely expected that the RBI chief is expected to leave key policy rates unchanged in his first monetary policy and continue emergency cash tightening measures initiated in-mid July to stabilise the rupee, and check racing inflation.
On the global front, Asian shares paused on Friday as investors sat back to ponder the U.S. Federal Reserve's policy outlook, a day after the world's most powerful central bank triggered a global rally in riskier asset markets with an unexpected decision to maintain its stimulus program.
Japanese shares were up 0.2% in early trade, while Australian stocks were a tad softer. Markets in China and South Korea were closed for the mid-autumn holiday.
Meanwhile, gold was hovering near one-week highs on Friday and was on track for its biggest weekly climb in five weeks after the U.S. Federal Reserve postponed the tapering of its bullion-friendly stimulus measures.
Back home, the rupee was weak in early trade today ahead of the Reserve Bank of India's rate decision due at 1100 am.
It opened weak against the dollar tracking Asian cues where the greenback turned stronger a day after Fed decided against tapering its bond-buying programme.
Rupee opened at 62.05 against the dollar compared to yesterday's closing level of 61.77/dollar.
On the sectoral front, BSE Metal, Capital Goods, Realty, PSU, FMCG and Bankex indices have declined between 0.5-1%. However, BSE IT, Power and Healthcare indices gained by nearly 1% each.
The main losers on the Sensex at this hour include Sesa Goa, ONGC, Hero Moto, L&T, Maruti Suzuki and ICICI Bank, all falling down between 2-3%.
On the gaining side, Sun Pharma, Wipro, BHEL, Tata Motors and TCS have gained between 1-2%.
Tata Power Company is trading higher by 2% at Rs 84.40, extending its nearly 10% rally in past two days after the electric utilities firm said that its Chairman Cyrus Mistry has purchased over 60,000 shares of the company from open market.
The market breadth in BSE remains positive 780 shares advancing and 526 shares declining.
By 10:10, the Sensex was lower by 24 points at 20,623 mark and the Nifty declined 4 points at 6,112 mark.
The new Reserve Bank of India chief Raghuram Rajan will makes his first monetary policy statement today with expectations that he may scale back some of the emergency measures that helped the rupee bounce from a record low.
It is widely expected that the RBI chief is expected to leave key policy rates unchanged in his first monetary policy and continue emergency cash tightening measures initiated in-mid July to stabilise the rupee, and check racing inflation.
On the global front, Asian shares paused on Friday as investors sat back to ponder the U.S. Federal Reserve's policy outlook, a day after the world's most powerful central bank triggered a global rally in riskier asset markets with an unexpected decision to maintain its stimulus program.
Japanese shares were up 0.2% in early trade, while Australian stocks were a tad softer. Markets in China and South Korea were closed for the mid-autumn holiday.
Meanwhile, gold was hovering near one-week highs on Friday and was on track for its biggest weekly climb in five weeks after the U.S. Federal Reserve postponed the tapering of its bullion-friendly stimulus measures.
Back home, the rupee was weak in early trade today ahead of the Reserve Bank of India's rate decision due at 1100 am.
It opened weak against the dollar tracking Asian cues where the greenback turned stronger a day after Fed decided against tapering its bond-buying programme.
Rupee opened at 62.05 against the dollar compared to yesterday's closing level of 61.77/dollar.
On the sectoral front, BSE Metal, Capital Goods, Realty, PSU, FMCG and Bankex indices have declined between 0.5-1%. However, BSE IT, Power and Healthcare indices gained by nearly 1% each.
The main losers on the Sensex at this hour include Sesa Goa, ONGC, Hero Moto, L&T, Maruti Suzuki and ICICI Bank, all falling down between 2-3%.
On the gaining side, Sun Pharma, Wipro, BHEL, Tata Motors and TCS have gained between 1-2%.
Shares of interest rate sensitive sectors like real estate, infrastructure, banking and automobiles are trading lower by up to 4% after recorded a smart rally yesterday ahead of the Reserve Bank's mid-quarter monetary policy review meeting today.
Oriental Bank of Commerce, Vijaya Bank, Central Bank of India and YES Bank from the banking space are down 3-4% on the Bombay Stock Exchange (BSE).
Jaiprakash Associates, IRB Infrastructure, HDIL and DLF from real estate and infrastructure and Hero MotoCorp, Bajaj Auto and Maruti Suzuki India from automobiles are down 2-3% at 0950 hours.
Ranbaxy Laboratories has plunged nearly 14% to Rs 302 in early morning deals on reports that the company’s manufacturing facility in United State (US) is under surveillance of the US Food and Drug Administration (FDA).Tata Power Company is trading higher by 2% at Rs 84.40, extending its nearly 10% rally in past two days after the electric utilities firm said that its Chairman Cyrus Mistry has purchased over 60,000 shares of the company from open market.
The market breadth in BSE remains positive 780 shares advancing and 526 shares declining.