Key Indian equity indices recovered from their day's lows to provisionally close on a flat-to-negative note on Tuesday, even as broadly negative global cues and heavy selling pressure in auto, consumer durables and metal stocks kept market sentiment subdued.
Mumbai: The benchmark BSE Sensex fell over 108 points in opening trade following a cautious stance adopted by participants ahead of the RBI policy review amid weak Asian cues.
The BSE market breadth was bearish - 1,604 declines and 1,088 advances. "It is expected central bank to keep interest rates on hold for a prolonged period starting with its policy meeting on concerns of rising inflation", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS. It finally closed at 32,869.72, up 36.78 points, or 0.11 per cent.
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On the currency front, the rupee strengthened by 9-10 paise to close at 64.37-38 against the USA dollar from its last week's close at 64.47. "The recent correction in PSU banks provides an opportunity for investors to accumulate as the long term prospects remains strong owing to healthy recapitalisation". The Nasdaq Composite index also dropped 26.39 points or 0.38 per cent to 6,847.59 on developments with a probe into Russia's alleged involvement in the United States election as well as with progress on a tax Bill in Congress.
According to provisional data, foreign funds had bought shares worth Rs 306.11 crore on Friday.
On the other hand, Bajaj FinanceBSE 1.71 %, YES BankBSE 1.76 %, Reliance IndustriesBSE 1.11 %, BPCLBSE 0.78 % and IndusInd BankBSE 0.93 % climbed between 1.15 per cent and 2.30 per cent.