Key equity indices Sensex and Nifty registered losses in early trade today amid weak Asian markets. The Sensex fell over 150 points while Nifty hit 10,027 at day’s low. Sectoral indices bank, FMCG, metal, power, realty, capital goods and IT slumped.
The Reserve Bank’s decision to lower the benchmark rate by 25 bps to 6 per cent yesterday was already priced in, which is why there is nothing to cheer, dealers said.
The rupee, which strengthened further against the dollar to trade at a fresh two-year high of 63.65, failed to enthuse sentiment.
Laggards included Kotak Bank, Asian Paints, SBI, ONGC, Adani Ports and Axis Bank.
Other Asian markets trended down in the beginning. The US Dow Jones Industrial Average ended above the 22,000 for the first time yesterday, propelled by strong corporate earnings.