Monday 28 September 2015

Sensex gets the blues before RBI meet, tanks 247 points -- 29 Sep 2015

The BSE Sensex opened higher, advanced to a high of 25,936.89 following the beginning of October series, but succumbed to profit-booking before ending at 25,616.84, loss of 246.66 points, or 0.95 per cent. 

                
This is index's weakest closing level since 25,610.21 on September 11. 

The 50-share NSE Nifty slumped below the psychological 7,800-mark and settled down 72.80 points, or 0.93 per cent, at 7,795.70. 

The risk-off trade was evident as Europe remained in a bearish grip where shares were trading in deep red after mining major Glencore sank to a record low on depressed commodity prices the world over. 

The China factor also added to the anxiety level as profits in major industrial companies saw their sharpest decline in four years last month. 

"We are in a wait-and-watch scenario ahead of the RBI policy meet tomorrow. We believe that the market has already considered a rate cut of 25 bps, hence the commentary will be more important," said Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services. 

The BSE metal index fell by more than 2.50 per cent even as auto shares tumbled 1.74 per cent. 

Meanwhile, data showed foreign investors net sold shares worth Rs 115.10 crore on Thursday. Markets remained closed on Friday for Eid.

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