ECONOMY ANALYSIS
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MARKET ANALYSIS
The Nifty extended fall for sixth straight session and closed below its 50-DMA as traders resorted to profit-booking ahead of the Reserve Bank of India's policy meet. The benchmark Sensex also erased initial gains and ended over 47 points down, logging losses for the sixth day in a row.
The central bank is likely to hike repo rate by 25 basis points tomorrow but any hawkish tone in the commentary or indication of further rate hikes may lead to sharp correction in the market.
Expectations of a 0.50 per cent hike by RBI tomorrow have also built up after wholesale price index based inflation data came out higher-than-expected and price rise in retail level soared to over 11 per cent, said analysts.
The initial gains today were also lost on weak opening in European stock markets, they added.
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