The Indian market on Tuesday looked isolated from global peers, courtesy the big fall in domestic banks.
The benchmark indices, Sensex, closed 215 points lower at 35,012 and the Nifty shedding 68 points to end the session below 20-day moving average at 10,629.
Here's what you should know before the opening bellThe Reserve Bank of India (RBI) policy meet outcome is due on Wednesday. Some market experts say that a rate hike in the policy repo rate is likely, i.e. after four and a half years, while some say that the repo rate may remain unchanged and the change is likely to happen in the August meet.The government on Monday appointed MK Jain as the new RBI deputy governor for three years.Oil prices edged higher on Tuesday after falling nearly 2% in the previous session, but growing US production and expectations of higher OPEC supplies continue to weigh on sentiment.The US dollar ended dearer against the rupee at Rs 67.11/12 per dollar and the pound sterling also finished higher at Rs 89.79/81 at the close of the Interbank Foreign Exchange (forex) market on Monday.After collections from the Goods and Services Tax (GST) in May dipped to Rs 94,016 crore, from the Rs 1.03 lakh crore collected in April, the government is now aiming to reach Rs 1.10 lakh crore in terms of monthly average collections.US President Donald Trump would meet North Korean leader Kim Jong Un at 9 am Singapore time on June 12, the White House announced on Monday.The fuel prices have been cut for the seventh consecutive day. The petrol in Mumbai is down by 12 paise to Rs 85.65 per litre, cut by 59 paise this week and the diesel price in Mumbai has been cut by 10 paise to Rs 73.33 per litre in Mumbai, cut by 46 paise since last Tuesday.Wall Street’s three major indexes rose overnight, led by a rally in tech stocks, pushed the Nasdaq to a record closing high. The better-than-expected May US employment report was one of the major reasons for the market to close higher for the second consecutive day.Italy’s anti-establishment parties formed a coalition government on Friday to end three months of deadlock and averting potentially destabilising snap elections.The European Union could impose preliminary measures to safeguard its steel and aluminium industries as early as July, although a full investigation will take nine months, EU Trade Commissioner Cecilia Malmstrom told Reuters on Monday.