Live: Sensex down over 100 points ahead of RBI monetary policy review, Nifty below 7,730; OMCs gain
9.16 am: Sensex plunged further and was trading 107.28 points, 0.42 per cent, down at 25292.37. Nifty was down 37.90 points at 7,720.90. Oil marketing companies such as IOC, BPCL, HPCL were trading higher in the early trade on Tuesday.
9.15 am: Benchmark index BSE Sensex opened 27.21 points, or 0.11 per cent, down at 25,372.44. NSE Nifty opened 22.50 points, or 0.29 per cent, down at 7,736.30.
8.45 am: The BSE Sensex and NSE Nifty are likely to open in red on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak global cues.
The Reserve Bank of India (RBI) is expected to cut its policy interest rate by a quarter percentage point on Tuesday, lowering it to a more than five-year low while dangling the prospect of another cut later this year if inflation trends stay benign.
At 8.35 am (IST), SGX Nifty was trading 61 points, or 0.79 per cent, down at 7,724.50.
Asian shares and other riskier assets skidded on Tuesday, pressured by slumping crude oil prices and mixed messages from Federal Reserve policymakers on the outlook for US interest rate rises.
The US market closed lower on Monday, as losses for industrials and materials offset sharp gains in health-care shares. The Dow Jones Industrial Average lost 55.75 points or 0.31 percent to 17,737.00, Nasdaq dropped 22.74 points or 0.46 percent to 4,891.80 while, S&P 500 was down by 6.65 points or 0.32 percent to 2,066.13.
Back home, rate sensitive stocks will remain in focus on Tuesday on account of monetary policy review which is scheduled later in the day.
The benchmark Sensex rose 130 points to 25,399.65 on Monday on recovery in European stocks from early losses and hopes that Reserve Bank will cut interest rates on Tuesday.