According to a CNBC-TV18 poll, majority of analysts expect 25 basis points rate cut. The market may recover if RBI surprises with 50 basis points rate cut.
The 30-share BSE Sensex slipped 247.88 points to 25368.96 and the Nifty fell 79.10 points to 7716.60. The BSE Midcap and Smallcap indices declined 1 percent and 0.8 percent, respectively. The market breadth continued to be in favour of declines with ratio of 491:1185. Axis Bank and ICICI Bank were the biggest contributors to Sensex fall, down 3 percent each. HDFC Bank, HDFC and State Bank of India dropped 0.7-1 percent. Vedanta topped the selling list, down more than 4 percent. Hindalco Industries, GAIL, Tata Steel and Bharti Airtel slipped 2-3 percent. However, Infosys, Coal India and BHEL bucked the trend, up marginally.
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