Sensex, Nifty in early deals in line with Asian market

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Mumbai: Indian equity benchmarks Sensex and Nifty edged lower in opening deals Friday, tracking subdued Asian market.

The 30-share BSE Sensex was trading lower by 56.87 points or 0.14 percent at 41,249.16, while the broader NSE Nifty fell 13.60 points or 0.11 percent to 12,124.35 in early morning trade.

Thursday, the Sensex had settled 163.37 points, or 0.40 percent, higher at 41,306.03 and the Nifty had closed up 48.80 points, or 0.40 percent, at 12,137.95 after the RBI left the policy rates unchanged but maintained its accommodative stance to boost growth.

Both equity benchmarks Sensex and Nifty had logged their fourth straight gains Thursday.

Global crude benchmark Brent advanced 0.33 percent to USD 55.30 per barrel.

On the currency front, the Indian rupee dropped 9 paise to 71.27 per US dollar in morning deals.

Exchange data showed foreign investors pulled out Rs 560.36 crore on a net basis from the Indian equity market Thursday.

On the global financial market front, Asia was trading lower, while US stocks consolidated gains for a fourth consecutive day to climb new record highs, as sentiment kept improving on China’s pledge of tariff cuts on American goods.

In the sixth bi-monthly monetary policy review of 2019-20, the kept the repo rate unchanged at 5.15 percent while retaining its accommodative stance.

The central bank also kept the GDP growth estimate unchanged for the current fiscal at 5 percent but projected a pick up to 6 percent in the next financial year.

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