Sensex declines over 100 points, Nifty falls below 10,600

Investors also remained cautious ahead of RBI's monetary policy decision due to be announced on Wednesday.

Sensex declines over 100 points, Nifty falls below 10,600

New Delhi: Sensex fell over 100 points while the Nifty closed below 10,600 on Tuesday following losses in banking, power, auto and capital goods stocks.

Investors also remained cautious ahead of RBI's monetary policy decision due to be announced on Wednesday.

The RBI's Monetary Policy Committee began its three-day meeting on Monday amid speculation that it may hike the key interest rate for the first time in over four years on account of firming inflation.

The 30-share index fell 108.68 points or 0.31 percent at 34,903.21. The NSE also shed 35.35 points or 0.33 percent at 10,593.15.

Shares of Sunpharma, Wipro, Axis Bank, TCS, M&M, Infsys, Powergrid, Yes Bank, Dr Reddy, L&T, Bharti Airtel and Coal India fell upto 2.36 percent.

Trading mood was also impacted after PMI data showed that India's services activity contracted for the first time in three months in May as new business orders stagnated and cost pressure intensified amid higher fuel prices.

Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 712.41 crore, while foreign portfolio investors (FPIs) bought equities to the tune of Rs 2,354.03 crore yesterday, as per provisional data released by the stock exchanges.

With PTI Inputs

 

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