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Markets remained choppy in a narrow range through the day as investors remained jittery ahead of RBI and US Fed meetings on their respective monetary policies, later in the week.
Key benchmark indices closed on a weak note on Monday as higher-than-expected November wholesale price inflation has upped the probability of a rate hike by the Reserve Bank of India (RBI) in its upcoming monetary policy review on December 18.
Also, wholesale inflation data for November came in at a 14-month high of 7.52% led by a sharp uptick in food prices, keeping the sentiment sombre.
The 30-share Sensex ended over 50 points down at 20,665 levels and the 50-share Nifty scrapped almost 14 points to end at 6,154 levels.
The Wholesale Price Index (WPI), a measure of inflation at wholesaler's level, rose to 7.52% in November from 7% a month ago mainly due to continued rise in vegetable prices. This takes the wholesale price inflation to a 14 month high. Markets were expecting inflation to be around 7%.
The prices of vegetables went up by 95.25% in November against a price rise by 78.38% in the previous month, marked by a rise in the prices of potato this time.
Investors now await RBI's money policy review and US Fed's monetary policy meet slated to decide on the its bond buying program in the week ahead .
