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Market recovers slightly in close, remains in the red ahead of RBI policy meet outcome; Idea Cellular tanks 10%

Market recovers slightly in close, remains in the red ahead of RBI policy meet outcome; Idea Cellular tanks 10%

Market recovers slightly in close, remains in the red ahead of RBI policy meet outcome; Idea Cellular tanks 10%
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By Nidhi Chugh  Jun 5, 2018 3:35:17 PM IST (Updated)

The market has recovered, though still trading in the red, with the BSE Sensex trading at 34,995 points and the NSE Nifty at 10,614 points, still struggling to reach a safe range of 10,600, as the Reserve Bank of India (RBI) policy meet outcome is likely to hurt investor sentiment.

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The market has recovered slightly in the close with the BSE Sensex closing at 34,903 points and the NSE Nifty closing at 10,593 points ahead of the RBI policy meet. The investors were trading cautiously as the expectation of a rate hike or the unchanged repo rate tomorrow has hurt the investors' sentiment. Idea Cellular, after being the top index gainer in the opening trade, sunk 10% to be the top index loser. The sugar stocks surged in trade as the government is speculating the idea to bailout the sugar mills.
How is the market faring? (as of 03:06 pm)
The market continues to trade weak with the BSE Sensex trading at 34,897 points and the NSE Nifty trading at 10,585 points. The market is trading weak ahead of the RBI policy meet outcome tomorrow. Idea Cellular is sinking in trade, losing more than 10% towards the close.
How is the market faring? (as of 01:50 pm)
The market is trading in the red with the BSE Sensex trading at 34,910 points and the NSE Nifty trading at 10,586 points ahead of the RBI policy meet tomorrow. Idea Cellular is now losing more than 8% in trade and is currently the top index loser while Cipla gains 3% and is the top index gainer.
How is the market faring in the noon?
The market has recovered, though still trading in the red, with the BSE Sensex trading at 34,995 points and the NSE Nifty at 10,614 points, still struggling to reach a safe range of 10,600, as the Reserve Bank of India (RBI) policy meet outcome is likely to hurt investor sentiment.
Some market experts say the policy repo rate may be raised, while the others say the repo rate may be kept unchanged - both unfavourable for a bullish market.
Idea Cellular is the top index loser of the hour, losing more than 7% in trade. Zee Entertainment, Bharti Airtel, Power Grid Corp and Axis Bank are the other top index losers of the hour.
Cipla, Tech Mahindra, Bajaj Finance, Reliance and Maruti Suzuki are the current top index gainers.
The market opens flat as mixed global cues and the RBI policy meet outcome concerns keep the market in check.
The BSE Sensex opened at 35,067 points, while the NSE Nifty opened at 10,615 points.
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