Sensex, Nifty consolidate ahead of MPC’s interest rate decision

Equity benchmarks continued to consolidate in late morning trade as investors looked for interest rate decision from two-day Monetary Policy Committee meeting that started today.

The 30-share BSE Sensex was down 14.62 points at 32,500.32 and the 50-share NSE Nifty rose 2.30 points to 10,079.40.

The market breadth was weak. About 1,264 shares declined against 1,073 advancing shares on the BSE.

The Development Bank of Singapore expects Reserves Bank of India to cut its policy rates by 0.25 percent on August 2.

Domestic factors are likely to be given a higher weightage in swaying the decision, compared to global factors, DBS said.

At home, Consumer Price Index (CPI) inflation has undershot official projections consistently for the past six- seven months, with the June print slipping below the targeted 2-6 per cent range, it noted.

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Sensex, Nifty consolidate ahead of MPC’s interest rate decision