Markets settle lower for 7th day amid mixed global cues

Market Closing Updates: Today's equity markets finished the day in the negative. The Nifty 50 index finished down 40.50 points. Sensex fell 90.29 points at the close. Today's top gainers included ONGC, Hindalco, and Shree Cement. Asian Paints, Hero Motors, and Tech Mahindra were the top losers today.

Asian Paints, Tech Mahindra, Titan Company, Kotak Mahindra Bank, TCS, Bajaj Finance, Wipro, and Bajaj Finserv were some of the main laggards among the 30-share Sensex group. Among the top winners were ITC, Dr. Reddy's, Tata Steel, Sun Pharma, and Nestle.

The Nifty FMCG index saw the best performance today. It increased by about 537.35 points throughout the day. This demonstrates how many investors are purchasing relatively non-cyclical, safer FMCG firms as a hedge against rising unpredictability.

The mood of the market today suggests that many traders are anticipating bad news on the RBI interest rate hike front. The RBI will make its decision to raise interest rates public tomorrow. The general consensus is that it will attempt a 50 basis point increase.

According to data available with the BSE, foreign institutional investors sold shares worth Rs. 2,772.49 crore on Wednesday.

Rupee Vs Dollar: The Indian rupee consolidated in a narrow range and clsoed 13 paise higher at 81.80 against US dollar today, ahead of the RBI monetary policy decision scheduled to come out on Friday. Rupee witnessed an intraday high of 81.58 and a low of 81.94 against the USdollar on Thursday.

International Markets: Shanghai and Hong Kong markets closed in the red, while Seoul and Tokyo's markets closed higher.In mid-session trades, stock exchanges in Europe were trading lower. On Wednesday, the US stock markets recovered and closed higher.

In the meantime, the benchmark Brent crude price fell by 0.45% to $88.92 per barrel.

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