The stock market remained under heavy pressure on Tuesday, a day before the announcement of the results of the RBI’s Monetary Policy Committee meeting.
Nifty and Sensex opened with a fall on Tuesday, the second trading day of the week. At 10.02 am, the Sensex was down 1.1 per cent at 55,037, while the Nifty was down 1.1 per cent at 16,388.
The three-day monetary policy review meeting of the Reserve Bank of India, which started on Monday, will have an impact on the movement of the market in the coming times.
Chief Investment Strategist, Geojit Financial Services, VK. Vijayakumar said, “Two important figures coming out this week are RBI rate hike expected tomorrow and US inflation rate on Friday.
RBI rate hike is a foregone conclusion; only it is not known whether the hike is going to happen.” By how much. A bullish 50 bps, the market is not likely to have much impact as frontloading of rate hikes will be more effective in reducing inflation expectations.”