Sensex falls over 205 points on RBI hawkish stance

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The Reserve Bank's two-day monetary policy review kicked off today.

The Sensex touched a high of 32,992.45 points and a low of 32,598.12 during the intra-day trade. The Sensex and the Nifty had fallen in six of the previous seven sessions. Sensex zoomed 146 points or 0.45% to 33,096.10 while the wider Nifty was up by over 39 points or 0.38% to 10,205.70. Also, the central bank raised the inflation forecast for the remainder of the current fiscal to 4.3-4.7 per cent.

Meanwhile, services sector activity slipped into the contraction territory during November, post the implementation of the Goods and Service Tax (GST) that led to sluggish demand and lower customer turnout, a monthly survey said.

"The recent correction in PSU banks provides an opportunity for investors to accumulate as the long term prospects remains strong owing to healthy recapitalisation".

Overseas, the Asian markets saw the shares of most of the companies decline, since investors across the globe have an eye on the final tax legislation in the U.S., where policy uncertainty kept sentiment in check. DIIs had bought shares worth Rs 995.11 crore, while foreign funds sold shares to the tune of Rs 1,217.92 crore yesterday, the provisional exchange data showed.

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Hero MotoCorp was the worst performer in the Sensex pack, falling 2.31%, followed by Wipro at 2.29%.

Major gainers on the Nifty were: UPL (+1.81%), Tata Motors (+1.79%), Bharti Airtel (+1.42%), Adani Ports (+1.31%) and IndusInd Bank (+1.31%).

All the BSE sectoral indices closed in the green, led by telecom, consumer durables, power, capital goods, auto, oil&gas and realty.

Overnight on Wall Street, the Dow rose 0.29 per cent, the S&P 500 gained 0.29 per cent and the Nasdaq 0.54 per cent. Japan's Nikkei advanced 1.45%, Hong Kong's Hang Seng went up 0.29%, while China's Shanghai Composite Index surrendered 0.67%.

European markets too saw a weak trend. London's FTSE rose 0.16% in late morning deals.

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