Sensex Falls 200 Points, Nifty Below 22,500 Ahead Of RBI Policy Decision

Despite weakness in global peers and Gift Nifty, equity benchmark indices may started Friday’s trading session on a rather quiet note ahead of the RBI policy.

The S&P BSE Sensex opened at 74,287, marginally in the positive zone, but soon slipped nearly 300 points to a low of 73,994. The NSE Nifty was down 50 points at at 22,465.

Global Cues

Overnight, the US market reversed course and ended with sharp losses as Fed officials cautioned on expectations of early rate cuts, and stressed that inflation needs to be closely watched. The focus now shifts on the job report due tonight.

The S&P 500, Dow Jones and Nasdaq dropped over 1 per cent each. Meanwhile, the US 10-year bond yield continued to hover around elevated levels of 4.30 per cent. Brent Crude Oil futures topped the $91 per barrel mark, and Gold futures dipped a wee bit below $2,300 per ounce.

Nearer home, the Nikkei tumbled over 2% after the Bank of Japan governor hinted at a likely rate hike. Hang Seng and Kospi were down around 1 per cent each.