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Indian Equities Extend Losses Ahead Of RBI MPC Outcome

At close, Sensex was down 188.32 points or 0.33 per cent at 56,409.96, while its broader peer, Nifty, was down 40.50 points or 0.24 per cent at 16,818.10

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Indian equity benchmarks reversed all of their early gains on Wednesday and extended their losing streak to the seventh consecutive day as investor sentiment remained subdued due to weak global cues. 

There was also some position cutting in some key rate-sensitive sectors. The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) is expected to announce a 50 bps rate hike tomorrow.

At close, Sensex was down 188.32 points or 0.33 per cent at 56,409.96, while its broader peer, Nifty, was down 40.50 points or 0.24 per cent at 16,818.10.

On the Nifty, ONGC, ITC, Apollo Hospitals, Hindalco Industries and HDFC Life were among the day's top gainers. At the same time, Asian Paints, Tech Mahindra, Hero MotoCorp, Bajaj Auto and Titan Company were the top losers of the day.

Sectorally, Nifty IT fell 0.92 per cent and Nifty Financial Services declined 0.51 per cent. While Nifty Pharma and Nifty PSU Bank closed higher. Nifty Midcap50 and Smallcap50 rose 0.48 per cent and 0.68 per cent, respectively.

"Market was extremely volatile on the F&O expiry day, and traders preferred to cut their position in some of the rate-sensitives ahead of the credit policy announcement. The market is already in an oversold position, and if the rate hike is above the estimate, then we could see bouts of intra-day volatility with a negative bias for some more time," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Foreign institutional investors (FIIs) sold a net 27.72 billion Indian rupees (USD 340.5 million) worth of equities on Wednesday, while domestic investors purchased 25.44 billion rupees of shares, as per provisional data available with the National Stock Exchange.

FIIs have sold nearly 106.97 billion rupees worth Indian equities so far into the week until Wednesday, NSE data showed.


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