Indian equities came under pressure on Wednesday ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decision on the repo rate. The market opened sharply lower amid mixed global cues and investor caution.
The BSE Sensex opened 449.50 points, or 0.62%, lower at 72,618.31, while the NSE Nifty was trading around 22,614.70, down 161.40 points, or 0.71%. The Nifty fell below the key 22,700 level in early trade.
Selling pressure was visible in auto, consumer durables and several large-cap stocks. However, buying in select pharmaceutical and telecom stocks helped limit the decline to some extent.
The market’s advance-decline ratio was also negative in early trade. Around 971 stocks were trading higher, while 1,379 stocks were trading lower. About 181 stocks remained largely unchanged.
Dr. Reddy’s Laboratories was among the leading gainers, rising around 0.99%. Cipla gained 0.63%, Bharti Airtel 0.61%, Coal India 0.29% and Tech Mahindra 0.06%.
In contrast, several major stocks recorded declines. Titan Company fell around 3.39%, making it the biggest loser in early trade. SBI Life Insurance declined 2.06%, Asian Paints 1.59%, Hindalco 1.56%, Shriram Finance 1.51%, Mahindra & Mahindra 1.48%, Maruti Suzuki 1.40% and IndiGo 1.37%.
Selling in auto and consumer-related stocks added pressure on the benchmark indices, while buying in select pharmaceutical and telecom stocks provided some support.
