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The BSE Sensex and NSE Nifty ended the day down 243 points and 83 points, respectively as the monetary policy failed to bring any positive news in the form of rate cuts. The Sensex closed at 17,675, while the Nifty closed at 5,380.
There was much expectation in the markets that the Reserve Bank of India would cut rates. With no such change, the Indian markets slipped further into the negative territory. The Economic Survey also revealed that inflation was above comfort levels.
The falling rupee was also a matter of concern. With the Union Budget only a day away and with no positive developments still, analysts are expecting the markets to be on the downside.
“The Rail Budget was better than expected because it was a populist budget. However, political reactions to the budget dented the sentiments. The markets could have been down due to the sell-off before an important event (Union Budget),” said Mr Shrikant Shetty, Equity Research and Technical Analysis, Unicon Financial Intermediaries.
On the global front, Asian stocks were seen higher as Japanese exporters did well after the yen gained in comparison with the dollar. Two of the Asian markets were up nearly 0.5 per cent. The European markets were also up by 0.2 per cent each.
Top gainers on the BSE were HUL, Wipro and NTPC, while the top losers were DLF, BHEL and HDFC.
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