The Sensex was down 233.72 points or 0.37% at the time of writing this article . The Nifty was up 18,627.45 points, down 73.60 points or 0.339 percent .
New Delhi, India, December 6: In the morning session, Indian stock indices fell marginally lower, owing to investors' continued profit booking after the recent gains and as market waits for the outcome of the Reserve Bank of Indias monetary policy meeting, which is underway.This is the third straight session of fall, the Sensex was down 233.72 points or 0.37% at the time of writing this article, while the Nifty was up 18,627.45 points, down 73.60 points or 0.339 percent.The benchmark indices were at their highest point for the fourth day in a row, according to Vinod Nair, Head of Research at Geojit Financial Services.On Wednesday, the Sensex crossed the 63,000 mark.The markets changed course over the next 14 months, with strong foreign fund inflows into Indian equities, the growing Rupee, and warnings from the US central bank about the slowing interest increases boosting investor sentiment.
During the same period, the Reserve Bank of India's three-day monetary policy committee meeting is scheduled.Financial markets will be keeping an eye on the committees rate hike policy, if any, as inflation has already risen above its target rate of 6% since May, and the central bank has already increased the key policy rate by 190 basis points to 5.9 percent to stem domestic retail inflation, which has now reached the RBI's upper tolerance threshold for over three quarters.Retail inflation was 6.77 percent in October relative to 7.41 percent in the previous year.Under the RBI's flexible inflation targeting scheme, price rises can be managed if the CPI-based inflation is in the range of 2-6 percent for three quarters in a row.The meeting was called by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) Act 1934, which defines what should be done if the central bank does not fulfill its inflation targeting scheme.