Equities trade lower ahead of monetary policy review

Mumbai, Feb 8 (IANS) Indian equities markets traded on a flat-to-negative note during the mid-afternoon trade session on Wednesday as caution ahead of the upcoming domestic monetary policy review and broadly negative global cues subdued investors' sentiments.

The key indices traded marginally in the red, as selling pressure was witnessed in FMCG, banking and healthcare stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down 10.30 points or 0.12 per cent to 8,758.00 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,386.08 points, traded at 28,279.19 points (at 1.30 p.m.) -- down 55.97 points or 0.20 per cent, from the previous close at 28,335.16 points.

The Sensex has touched a high of 28,391.64 points and a low of 28,274.68 points during intra-day trade so far.

In contrast, the BSE market breadth was tilted in favour of the bulls -- with 1,445 advances and 1,276 declines.

"The markets traded in the flat zone with a negative bias as investors awaited the monetary policy review of the Reserve Bank of India (RBI)," Astha Jain, Senior Research Analyst at Hem Securities, told IANS.

"Besides, lower crude oil prices and mixed Asian markets also added to the downward trend of the indices."

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with sideways sentiments due to profit booking.

"Banking, pharma and FMCG stocks traded with mixed sentiments due to profit booking," Desai added.

On Tuesday, the benchmark indices were dragged lower by negative global cues and profit booking.

The NSE Nifty had inched down 32.75 points or 0.37 per cent to 8,768.30 points, while the BSE Sensex was down 104.12 points or 0.37 per cent at 28,335.16 points.

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