BSE & NSE fall during early trade amid decline in IT stocks

Mumbai: Equity benchmarks Sensex and Nifty opened on a choppy note on Wednesday, tracking weakness in index heavyweights Wipro, TCS and Maruti ahead of the RBI monetary policy announcement. The 30-share BSE index was trading 34.28 points or 0.05 percent lower at 62,592.08 in early deals. Similarly, the broader Nifty NSE slipped by 14.55 points or 0.08 percent to 18,628.20, mirroring sluggish investor sentiment in global markets.

In the previous session, the 30-share BSE Sensex fell by 208.24 points or 0.33 percent to settle at 62,626.36. Likewise, the NSE Nifty declined by 58.30 points or 0.31 percent to end at 18,642.75. Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 635.35 crore on December 6, according to stock exchange data.

Position of stocks listed in BSE

NTPC was the top loser in the Sensex pack, shedding over 1 percent, followed by Kotak Bank, Wipro, TCS, HCL Tech, Maruti and Tech Mahindra.

On the other hand, L&T, Asian Paints, ICICI Bank, Bharti Airtel, HUL and SBI were among the gainers.

Performance of markets worldwide

Asian markets in Shanghai, Seoul and Tokyo were trading with losses in mid-session deals, while Hong Kong was in the green.

Stock exchanges in the US ended on a negative note in the overnight session.

Meanwhile, international oil benchmark Brent crude gained 0.24 percent to USD 79.54 per barrel.

The Reserve Bank is slated to announce the bi-monthly monetary policy later in the day.

FY'23: World Bank revises India's GDP growth forecast from 6.5% to 6.9%

The World Bank on December 6 revised upwards its GDP growth forecast for India to 6.9 percent for 2022-23, saying that the economy was showing higher resilience to global shocks. In its India Development Update, the World Bank said the revision was due to the higher resilience of the Indian economy to global shocks and better-than-expected second-quarter numbers.

Fitch Ratings on December 6 retained India's economic growth forecast at 7 per cent for the current fiscal, saying India could be one of the fastest-growing emerging markets this year.

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