New Delhi: After a flat opening on Friday, markets edged lower in early trade a day after the Reserve Bank of India announced its third consecutive rate cut.
The BSE Sensex fell 124.61 points or 0.32 percent in early trade while the NSE Nifty dropped 33.30 points or 0.28 percent to 11,810.45.
The RBI rate cut announcement failed to enthuse stock markets on Thursday with the benchmark BSE Sensex cracking over 550 points and the NSE Nifty dropping 177 points.
Lowering the interest rates for the third time in a row, the six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das on Thursday announced reduction of repo rates by 25 basis points to 5.75 percent in its second bi-monthly monetary policy of 2019-20. The BSE Sensex tanked 553.82 points or 1.38 percent to 39,529.72 while the NSE Nifty fell 177.90 points or 1.48 percent to 11,843.75.
Top losers in the Sensex pack include IndusInd Bank, Sun Pharma, Kotak Bank, Maruti, PowerGrid, HUL, ONGC, TCS, RIL and HDFC twins, falling up to 1.38 percent.
While, Vedanta, SBI, Infosys, L&T, Bajaj Finance and M&M were trading in the green.
Foreign institutional investors sold equity worth Rs 1,448.99 crore on Thursday, and domestic institutional investors offloaded shares to the tune of Rs 650.84 crore, provisional data available with stock exchanges showed.
Among Asian peers, MSCI`s broadest index of Asia-Pacific shares outside Japan edged 0.04% higher. Japan`s Nikkei firmed 0.3%, but South Korea slipped 0.5%. E-Mini futures for the S&P 500 were mostly flat, a Reuters report said.
With Agency Inputs