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Market Live: Sensex, Nifty open flat on caution ahead of RBI policy decision

LiveMint logoLiveMint 04-10-2017 Livemint

Mumbai: The BSE Sensex and the NSE Nifty opened little changed on Wednesday ahead of the Reserve Bank of India’s (RBI) policy decision. The Indian rupee strengthened against the US dollar. The shares of ONGC, ITC, Reliance rose, whereas the shares of Bharti Airtel and Coal India fell.

According to Mint’s poll of 15 economists, the RBI’s monetary policy committee is likely to keep the key repo rate unchanged at 6% after economic growth slowed to the weakest pace in at least three years, as risks of inflation exceeding the central bank’s target remain. Here are the latest updates from the markets:

■ 9.27am: BSE Sensex opened little changed at 31,504.60, down 7.60 points, or 0.02%, while the Nifty 50 was flat at 9,852.65, down 0.40 points.

■ 9.23am: Natco Pharma Ltd hit 20% upper circuit to Rs954.35 after its partner Mylan NV said the US Food and Drug Administration has allowed the company to launch the much awaited generic version of multiple sclerosis drug Copaxone in the American market.

■ 9.20am: Oil marketing companies were trading higher after the government on Tuesday cut excise duty on petrol and diesel by Rs2 per litre. Hindustan Petroleum Corp Ltd rose 3%, Bharat Petroleum Corp. Ltd rose 1.5% and Indian Oil Corp. Ltd 1.5%.

■ 9.15am: The rupee opened at 65.34 a dollar. At 9.15am, the home currency was trading at 65.35 against the dollar, up 0.24% from its Tuesday’s close of 65.50.

■ 9.13am: The 10-year bond yield was at 6.636%, compared to its previous close of 6.648%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies gained after dollar weakened before US payrolls data. Traders also awaited for President Donald Trump’s decision on the next Federal Reserve chair. Indonesian rupiah was up 0.47%, South Korean won 0.43%, Malaysian ringgit 0.32%, Philippines peso 0.29%, China Offshore 0.25%, Japanese yen 0.18%, Singapore dollar 0.15%, China renminbi 0.12%, Taiwan dollar 0.1%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.403, down 0.18% from its previous close of 93.569.

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