As anticipated the key Indian equity benchmarks dropped marginally in early morning trade, breaking the four-session rally. The undertone is predictably nervous as market players are awaiting the outcome of the RBI's policy review later today. Opinion is divided on whether the central bank will cut the repo rate to boost economic growth. Sticky inflation, incomplete pass-through of higher crude prices and a swelling fiscal deficit could force the RBI to postpone its planned reversal in the monetary policy. Meanwhile, the midcap counters are trading negative by over half a percentage point and the small-cap counters are trading negative by a little less than half a percentage point. On the sectoral front, except for IT and Teck indices, all the other indices are trading in red. Metal index is leading the list of losers with losses of two percentage points. Further, the market breadth is negative as only one stock is seen advancing for every two declines.
(Source- bseindia.com)
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