Stock Market Today: Sensex, Nifty Advance Nearly 1% As Metal, I.T. Stocks Gain; FPIs Remain Net Seller
The S&P BSE Sensex was up 378 points or 0.63% at 60,663.79 while the NSE Nifty 50 was 150 points or 0.85% higher at 17,871.70.
KEY HIGHLIGHTS
FPIs Remain Net Seller
Overseas investors in Indian equities remained net sellers for the fifth day in a row on Wednesday.
Foreign portfolio investors offloaded equities worth Rs 736.82 crore, according to data from the National Stock Exchange.
On the other hand, domestic institutional investors mopped up stocks worth Rs 941.16 crore for the 13th day in a row.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 48,192.19 crore worth of Indian stocks so far in 2023.
Yield On The 10-Year Bond Rises
The yield on the 10-year bond closed higher by 5 bps at 7.35% on Wednesday. It closed at 7.31% on Tuesday.
Source: Bloomberg
Rupee Strengthened Against The U.S. Dollar
The local currency strengthened by 21 paise against the greenback on Wednesday to 82.49 at close. It closed 82.70 on Tuesday.
Source: Bloomberg
Sensex, Nifty End Nearly 1% Higher
The Indian benchmark indices continued trading higher through midday after it opened with slim gains on Wednesday. RBI Governor Shaktikanta Das announced the Monetary Policy Committee's decision on hiking the repo rate by 25 basis points to 6.50%.
Stocks gained after positive earnings reports in Europe and a late Wall Street rally as Powell highlighted that disinflation has begun, and that further hikes will likely be needed if the jobs market remains strong. The U.S. stock futures fell.
Shares of Adani Enterprises climbed as investors reassessed the impact of the scathing report from Hindenburg Research published on Jan. 24. Ambuja Cements Ltd., ACC Ltd., Adani Green Energy Ltd. and Adnai Total Gas Ltd. declined out of the total ten Adani group company stocks.
The S&P BSE Sensex was up 378 points or 0.63% at 60,663.79 while the NSE Nifty 50 was 150 points or 0.85% higher at 17,871.70.
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., HDFC Life Insurance Co, SBI Life Insurance Co., and Bajaj Finance Ltd. were the top gainers in the gauge.
Whereas, Larsen and Toubro Ltd., Eicher Motors Ltd., Bharti Airtel Ltd., Hero MotoCorp Ltd. and Axis Bank Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were trading higher; S&P BSE MidCap was up 1%, whereas S&P BSE SmallCap was higher by 0.76%.
Sixteen out of the 20 sectors compiled by BSE advanced, while the only four declined in trade.
The market breadth was skewed in favour of the bulls. About 2,001 rose, 1,490 declined and 140 remained unchanged on the BSE.
Adani Wilmar Q3 FY23 (Consolidated figures, YoY)
Revenue up 7% at Rs 15438.05 crore Vs Rs 14370.92 crore
Net profit up 16% to Rs 246.16 crore Vs Rs 211.41 crore
EBITDA up 20% to Rs 605.22 crore Vs Rs 503.65 crore
Margins at 3.9% Vs 3.5%
Source: BSE Filing
Paytm Surges In Trade
Shares of Paytm parent One 97 Communications Ltd. rose for the thrid-straight day by 14.67%, as of 2:27 p.m., to Rs 674.95 apiece in trade on Wednesday.
The stock gained as much as 15.31% intraday, the most since Tuesday, when the stock advanced 20%.
Total traded volume stood at 5.6 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 12 analysts tracking the stock, nine maintain a 'buy' rating and three recommend a 'hold' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 35.5% over the next 12 months.
Source: Bloomberg
Stocks Contributing To Sensex Moves
Adani Stocks Gain In Trade
Shares in Adani Enterprises climbed as investors reassessed the impact of the scathing report from Hindenburg Research published two weeks ago.
As per Bloomberg, hedge fund and distressed debt investors have begun snapping up Adani company bonds.
Ratings firm Moody’s said in a report that Indian banks’ exposure to the Adani Group is not large enough to affect their credit quality.
All group stocks except Ambuja Cements Ltd., ACC Ltd., Adani Green Energy Ltd. and Adani Total Gas Ltd. advanced in trade.
Source: Bloomberg
RBI Policy: State Bank of India MD On MPC Decisions
European Markets Open Higher
RBI Restores Market Trading Hours For G-Secs To Pre-Pandemic Timing Of 9 to 5-P.M.
The change will come into effect starting Feb. 13, 2023.
The trading hours for various markets regulated by the Reserve Bank were initially amended in April 2020.
Source: Reserve Bank of India
Shree Cement Falls After Q3 Earnings Miss Estimates
Shree Cement reported net income for the third quarter that missed the average analyst estimate.
Net income down 44% YoY to Rs 277 crore. [Bloomberg estimate: 325 crore]
Revenue up 15% YoY to 4,070 crore. [Bloomberg estimate: 4,144 crore]
Total costs up 27% YoY to Rs 3,850 crore.
Other income up 46% YoY Rs 161 crore.
Ebitda down 14% YoY to Rs 708 crore. [Bloomberg estimate: 701 crore]
Dividend declared at Rs 45 per share.
Source: Bloomberg
Deepak Nitrite Advances In Trade
Shares of Deepak Nitrite Ltd. advanced 2.54% to Rs 1,820 apiece in trade on Wednesday after the Q3 earnings revenues and margins met analyst estimates.
Deepak Nitrite Q3 FY23 (Consolidated, YoY)
Revenues up 16% at Rs 1,991.06 crore (Bloomberg estimate: Rs 2,007.10 crore)
Ebitda down 10% at Rs 314.59 crore (Bloomberg estimate: Rs 304.77 crore)
Ebitda margin at 15.8% vs 20.4% (Bloomberg estimate: 15.2%)
Net profit down 14% at Rs 209.05 crore (Bloomberg estimate: Rs 199.02 crore)
The stock gained as much as 3.38% intraday, the most in over four months since Sept. 28.
Total traded volume stood at seven times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 15 analysts tracking the stock, 10 maintain a 'buy' rating, two recommend a 'hold' and three suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 21.7% over the next 12 months.
Source: Bloomberg, Exchange filing
I.T. Stocks Advance
Shares of information technology companies advanced in trade on Wednesday, whereas the headline index NSE Nifty 50 higher by 0.68% in trade.
The NSE IT Index was up 1.69% in trade. All 10 constituents compiled by the gauge declined.
Larsen and Toubro Technology Services Ltd., LTIMindtree Ltd., Infosys Ltd., Mphasis danta Ltd., HC Technologies Ltd., TCS Ltd., Wipro Ltd., Coforge Ltd. and Tech Mahindra Ltd. rose 1% each, in trade.
Source: NSE
RBI Governor Clarifies On Indian Bank's Exposures To Adani Group Companies
RBI clarifies on Indian banking sector's exposure to Adani group company stocks.
“Indian banking sector and NBFC sector continues to remain resilient and strong," says Saktikanta Das, Governor, RBI.
On Tuesday, Ratings firm Moody’s said in a report that Indian banks’ exposure to the Adani Group is not large enough to affect their credit quality.
Source: RBI post-policy press conference
Sensex, Nifty Trade Higher
The Indian benchmark indices continued trading higher through midday after it opened with slim gains on Wednesday. RBI Governor Shaktikanta Das announced the Monetary Policy Committee's decision on hiking the repo rate by 25 basis points to 6.50%.
Equities in Australia and South Korea advanced to push the region-wide benchmark of shares higher despite fluctuating trade in Hong Kong, mainland China and Japan on Wednesday.
This following a late rally in the U.S. shares in a volatile session after Federal Reserve Chair Jerome Powell rebuffed an opportunity to tamp down investor optimism. The S&P 500 rose more than 1%, reversing a 0.6% drop. The tech-heavy Nasdaq 100 outperformed major benchmarks, climbing more than 2%.
Powell highlighted that disinflation has begun, and that further hikes will likely be needed if the jobs market remains strong.
Shares of Adani Enterprises climbed as investors reassessed the impact of the scathing report from Hindenburg Research published two weeks ago. As per Bloomberg, Hedge fund and distressed debt investors have begun snapping up Adani company bonds. Ratings firm Moody’s said in a report that Indian banks’ exposure to the Adani Group is not large enough to affect their credit quality.
As of 12:07 p.m., the S&P BSE Sensex was up 398 points or 0.66% at 60,684.10 while the NSE Nifty 50 was 140 points or 0.79% higher at 17,861.75.
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., HDFC Life Insurance Co, SBI Life Insurance Co., and Infosys Ltd. were the top gainers in the gauge.
Whereas, Hero MotoCorp Ltd., Eicher Motors Ltd., Bharti Airtel Ltd., Tata Consumer Products Ltd., and Larsen and Toubro Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were trading higher; S&P BSE MidCap was up 0.59%, whereas S&P BSE SmallCap was higher by 0.44%.
Fourteen out of the 19 sectors compiled by BSE advanced, while the only five declined in trade.
The market breadth was skewed in favour of the bulls. About 1,867 rose, 1,434 declined and 168remained unchanged on the BSE.
Most Adani Stocks Recover This Week
Adani Group company stocks have been advanced this week after falling NSE placed three companies under the additional surveillance maintenance, effective Feb. 6 and banks clarified on the exposures to the group companies.
Shares of Adani Enterprises Ltd. rose 27.31% in the last three trading sessions, taking the stock price to Rs 2,025.70 apiece on Wednesday as of 11:35 am.
10-Year Bond Yield On G-Sec Rises
The yield on 10-year bond rose 3 bps after RBI hiked repo rate by 25 bps.
Source: Bloomberg
Nifty Bank Steady After A Rise
The Nifty Bank Index was steady at 0.03% or 41,505 points in trade after it rose 0.73% in trade around 10 a.m.
The rise was seen during RBI Governor's speech, where he announced raising the repo rate by 25 bps to 6.50%.
Source: Bloomberg
Metal Stocks Advance
Shares of metal companies advanced in trade on Wednesday led by gains in the Adani Enterprise share, whereas the headline index NSE Nifty 50 higher by 0.56% in trade.
The NSE Metal Index was up 1.45% in trade. Thirteen out of the 15 constituents compiled by the gauge advanced, while two declined.
Adani Enterprises Ltd., Jindal Steel and Power Ltd., Hindalco Industries Ltd., Vedanta Ltd., JSW Steel Ltd. and National Aluminum Co. rose nearly 1% in trade.
Source: NSE
Stocks Moving Nifty 50 Index As RBI Raises Repo Rate
Benchmark Indices Gain As RBI Raises Repo Rate
Rupee Strengthens Against The U.S. Dollar
RBI MPC Votes To Raise Policy Repo Rate By 25 Bps To 6.50%
Four on six members of MPC voted in favour of hiking rates.
Consumer price inflation in India moved below upper tolerance in November 2022.
Core inflation remains sticky.
While inflation is expected to moderate in 2023-24 it could stay above 4% target.
IMF has revised upward global growth estimates for 2022 and 2023.
Amidst volatile global developments, Indian economy remains resilient.
Inflation is expected to stay at 5.6% in Q4FY23.
Inflation seen at 5% in Q1, 5.4% in Q2 and Q3, and 5.6% in Q4.
Policy rate still trails pre-pandemic levels.
FY24 real GDP growth projected at 6.4%.
Q1 growth seen at 7.8%, Q2 at 6.2%, Q3 at 6% and Q4 at 5.8%.
Risks of GDP projection are evenly balanced.
Source: Shaktikanta Das's speech at RBI's press conference
10-year Bond Yield Rises As RBI Raises Interest Rate By 25 Bps
Thermax Jumps As Q3 Margins Expand, Beating Analyst Estimates
Shares of Thermax Ltd. advanced 4.64% as of 10:00 am, to Rs 2,092.35 apiece in trade on Wednesday after the third-quarter Ebitda was in-line with analyst estimates and Ebitda margins were beat.
Thermax's net profit rose 58.83% at Rs 126.19 crore as compared to the same quarter of the previous financial year. However, it missed the consensus analyst estimates pooled by Bloomberg, which pegged the net profit at Rs 119.15 crore for the given period.
Similarly, Company's revenue was 26.91% higher annually at Rs 2,049.25 crore in the said quarter of the ongoing fiscal, but it was lower than the Bloomberg estimate of Rs 2,114.2 crore.
Additionally, the company's Ebitda margins expanded 7.86% in the third-quarter, beating analyst estimate of 7.6%.
Thermax Q3 FY23 (Consolidated, YoY)
Revenue up 26.91% at Rs 2,049.25 crore (Bloomberg estimate: Rs 2,114.2 crore)
Ebitda up 42.42% at Rs 161.08 crore (Bloomberg estimate: Rs 161.19 crore)
Ebitda Margins at 7.86% vs 7% (Bloomberg estimate: 7.6%)
Net profit up 58.83% at Rs 126.19 crore (Bloomberg estimate: Rs 119.15 crore)
The stock rose as much as 4.92% intraday, rising the most in over 14 weeks since Oct. 31, 2022.
Total traded volume stood at 34.3 times its 30-day average. The relative strength index at 14 implies that the stock maybe oversold.
Out of the 25 analysts tracking the company, six maintain a 'buy' rating, 12 recommend a 'hold' and seven suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 0.4% over the next 12 months.
Source: Bloomberg, Exchange filing
Adani Locked In An Upper Circuit At Rs 1,983 Apiece
TCS Bags Order Worth Rs 53,227-Crore From U.K. based Phoenix Group
Bags £600 million (Approx Rs 53,227-Crore) from U.K. based Phoenix Group.
Deal to digitally transform life insurance business of ReAssure .
Phoenix Group acquired ReAssure in 2020.
Source: Company statement
Top Stocks Moving Indices
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., UltraTech Cement Ltd., Hindalco Industries Ltd., and SBI Life Insurance Co. were the top gainers in the gauge.
Whereas, Bharti Airtel Ltd., Eicher Motors Ltd., Hero MotoCorp Ltd., Maruti Suzuki India Ltd., and Cipla Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were trading higher; S&P BSE MidCap was up 0.38%, whereas S&P BSE SmallCap was higher by 0.32%.
Fourteen out of the 19 sectors compiled by BSE advanced, while the only five declined in trade.
The market breadth was skewed in favour of the bears. About 1,738 rose, 949 declined and 119 remained unchanged on the BSE.
Adani Group Stocks Advance In Trade
Adani group company stocks, on the other hand, advanced with only Adani Total Gas Ltd., Adani Green Energy Ltd. declining in trade.
Sensex, Nifty Open With Gains
The Indian benchmark indices opened marginally higher, ahead of RBI's monetary policy announcement in trade on Wednesday after declining for two consecutive days in trade this week.
Asian markets edged higher on Wednesday following a late rally in the U.S. shares in a volatile session after Federal Reserve Chair Jerome Powell rebuffed an opportunity to tamp down investor optimism.
The S&P 500 rose more than 1%, reversing a 0.6% drop. The tech-heavy Nasdaq 100 outperformed major benchmarks, climbing more than 2%.
Powell highlighted that disinflation has begun, and that further hikes will likely be needed if the jobs market remains strong.
RBI Governor Shaktikanta Das will announce the Monetary Policy Committee's decision on hiking the interest rates on Wednesday.
The S&P 500 rose more than 1%, reversing a 0.6% drop. The tech-heavy Nasdaq 100 outperformed major benchmarks, climbing more than 2%.
Adani group company stocks, on the other hand, advanced with only Adani Total Gas Ltd., Adani Green Energy Ltd. declining in trade.
The S&P BSE Sensex opened up 47 points or 0.08% at 60,332.99 while the NSE Nifty 50 was 29 points or 0.16% higher at 17,750.30.
Yield On The 10-Year Bond Largely Flat
The yield on the 10-year bond opened largely flat at 7.32% on Wednesday.
Source: Bloomberg
Rupee Largely Flat Against The U.S. Dollar
The local currency opened at 82.72 against the greenback on Wednesday. It closed 82.70 on Tuesday.
Source: Bloomberg
Some Chemical Stocks May See Short-Term Uptick: Trade Setup
A Repo Rate Hike Of 25 Basis Points Or Hold?
RBI Governor Shaktikanta Das will announce the Monetary Policy Committee's decision on hiking the interest rates on Wednesday.
A Bloomberg poll of 40 economists projected a median forecast of 6.50% from current rate of 6.25%. Thirty-four economists expect a hike of 25 basis points, while the remaining six expect a status quo.
Global Cues
U.S. Dollar Index at 103.37
U.S. 10-year bond yield at 3.65%
Brent crude down 0.04% to $83.66 per barrel
Nymex crude at $77.18 per barrel
SGX Nifty up 0.42% to 17,804 as of 7:38 a.m.
Bitcoin up 0.40% to $23,291.13
Bulk Deals
Jash Engineering: Bellwether Capital bought 76,571 (0.64%) shares and Patel Pratil sold 82,000 (0.68%) shares at Rs 858.71 apiece.
TV Today Network: Seetha Kumari sold 3.03 lakh shares (0.58%) at Rs 303.73 apiece.
Q3 Earnings Results
Samvardhana Motherson International, Adani Wilmar, Shree Cement, Godrej Agrovet, Endurance Technologies, Cummins India, Piramal Pharma, Honeywell Automation India, Oberoi Realty, Graphite India, JB Chemicals & Pharmaceuticals, Gati, Dreamfolks Services, Piramal Enterprises, Adani Power, Equitas Small Finance Bank, Escorts Kubota, GOCL Corporation, Gujarat Pipavav Port, HG Infra Engineering, Hindustan Foods, Talbros Automotive Components
Earnings Fineprint
Bharti Airtel Q3 FY23 (Consolidated, QoQ)
Revenue up 4% at Rs 35,804 crore (Bloomberg estimate: Rs 35,727 crore)
Ebitda up 5.14% at Rs 18,710 crore (Bloomberg estimate: Rs 18,666 crore)
Ebitda margin at 52.25% Vs 51.54% (Bloomberg estimate: 52.2%)
Net profit down 26% at Rs 1,590 crore (Bloomberg estimate: Rs 3,189 crore)
ARPU up 1.63% at Rs 193 (Bloomberg estimate: Rs 198.97)
GlaxoSmithKline Pharmaceuticals Q3 FY23 (Consolidated, YoY)
Revenue down 2% at Rs 802 crore (Bloomberg estimate: Rs 883 crore)
Ebitda up 16% to Rs 229 crore (Bloomberg estimate: Rs 218 crore)
Ebitda margin at 28.5% vs 24.2% (Bloomberg estimate: 24.6%)
Net profit up 9% at Rs 165 crore (Bloomberg estimate: Rs 170 crore)
Adani Green Energy Q3 FY23 (Consolidated, YoY)
Revenue up 40.92% at Rs 1,973 crore
Ebitda down 18.22% at Rs 853 crore
Ebitda margins at 43.23% vs 74.5%
Net profit up 110.2% at Rs 103 crore
Eveready Industries Q3 FY23 (Consolidated, YoY)
Revenues up 1.39% at Rs 330.43 crore
Ebitda down 40.94% at Rs 23.96 crore
Ebitda margin at 7.25% vs 12.45%
Net profit down 77% at Rs 5.44 crore
Hero MotoCorp Q3 FY23 Highlights (Standalone, YoY)
Revenue up 2% at Rs 8,031 crore (Bloomberg estimate: Rs 8,063 crore)
Ebitda down 4% at Rs 924.1 crore (Bloomberg estimate: Rs 961.7 crore)
Ebitda margin at 11.5% vs 12.2% (Bloomberg estimate: 11.9%)
Net profit up 4% to Rs 711 crore (Bloomberg estimate: Rs 718.4 crore)
The board approved an interim dividend of Rs 65 per share.
Deepak Nitrite Q3 FY23 (Consolidated, YoY)
Revenues up 16% at Rs 1,991.06 crore (Bloomberg estimate: Rs 2,007.10 crore)
Ebitda down 10% at Rs 314.59 crore (Bloomberg estimate: Rs 304.77 crore)
Ebitda margin at 15.8% vs 20.4% (Bloomberg estimate: 15.2%)
Net profit down 14% at Rs 209.05 crore (Bloomberg estimate: Rs 199.02 crore)
NHPC Q3 FY23 (Consolidated, YoY)
Revenues up 19.75% at Rs 2,582.76 crore (Bloomberg estimate: Rs 2,069.3 crore)
Ebitda up 28.17% at Rs 1,705.27 crore (Bloomberg estimate: Rs 1,148.65 crore)
Ebitda margin at 66.03% vs 61.69% (Bloomberg estimate: 55.5%)
Net profit down 17.41% at Rs 671.67 crore (Bloomberg estimate: Rs 836.3 crore)
The board approved dividend of Rs 1.4 per share.
Thermax Q3 FY23 (Consolidated, YoY)
Revenue up 26.91% at Rs 2,049.25 crore (Bloomberg estimate: Rs 2,114.2 crore)
Ebitda up 42.42% at Rs 161.08 crore (Bloomberg estimate: Rs 161.19 crore)
Ebitda Margins at 7.86% vs 7% (Bloomberg estimate: 7.6%)
Net profit up 58.83% at Rs 126.19 crore (Bloomberg estimate: Rs 119.15 crore)
Navin Fluorine International Q3 FY23 (Consolidated, YoY)
Revenues up 48.72% at Rs 563.58 crore (Bloomberg estimate: Rs 518.02 crore)
Ebitda up 57.82% at Rs 155.58 crore (Bloomberg estimate: Rs 128.88 crore)
Ebitda margin at 27.61% vs 26.01% (Bloomberg estimate: 24.9%
Net profit up 54.91% at Rs 106.56 crore (Bloomberg estimate: Rs 90.32 crore)
The board appointed Anish Ganatra as CFO, effective Feb. 9, 2023.
Stocks To Watch
Vodafone Idea: The company allocated 16.13 crore shares, or 33.44% stake, to the government in lieu of conversion of interest dues from deferment of adjusted gross revenue and spectrum auction payments.
ONGC: The company interacted with global oil majors, including ExxonMobil, Equinor, Baker Hughes, and France-based Institut Français du Pétrole, to collaborate in its exploration ventures in deepwaters of India at the India Energy Week.
BSE: The stock exchange will divest 2.5% stake in Central Depositary Services Ltd. to meet regulatory shareholding norms.
Canara Bank: The bank appointed K Satyanarayana Raju as MD & CEO, with effect from Feb. 7, 2023, till his superannuation on Dec. 31, 2025. The board also appointed Hardeep Singh Ahluwalia as executive director, for three years.
PC Jeweller: Four more banks—IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank—have issued loan recall notices against the company.
Blue Star: The company detected a cyberattack at certain locations, following which, its technical team had taken all necessary precautions to retrieve and restore the systems. The company said it has not found any material impact on the operations due to this incident.
Rail Vikas Nigam: The company emerged as the lowest bidder for provision of automatic block signalling on Madar-Sakhun section of Jaipur division over North-Western Railway. The project cost is Rs 69.48 crore.
Nifty Futures In Singapore Trade Higher
Asian markets were mixed on Wednesday following a late rally in the U.S. shares in a volatile session after Federal Reserve Chair Jerome Powell rebuffed an opportunity to tamp down investor optimism.
The S&P 500 rose more than 1%, reversing a 0.6% drop. The tech-heavy Nasdaq 100 outperformed major benchmarks, climbing more than 2%.
Powell’s sober comments echoed those made after last week’s FOMC meeting, soothing traders who were expecting the Fed chief to push back on the loosening of financial conditions and Friday’s bumper jobs report. Powell highlighted that disinflation has begun, and that further hikes will likely be needed if the jobs market remains strong.
RBI's Monetary Policy Committee is set to deliver a modest rate hike before it goes on a pause amid rising global headwinds, resilient domestic growth and easing headline inflation on Wednesday.
At 7:38 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.42% at 17,804 .
Meanwhile, the yield on 10-year Treasuries advanced to 3.65%. Crude prices were above $83-mark, Bitcoin hovered around $23,000-level.
The Indian benchmark indices declined in trade on Tuesday after opening with slim gains amid volatility.
Rupee closed higher against the U.S. dollar even as traders awaited the monetary policy decision.
Overseas investors in Indian equities remained net sellers for the fourth day in a row on Tuesday. Foreign portfolio investors offloaded equities worth Rs 2,560 crore, while domestic institutional investors mopped up stocks worth Rs 639.8 crore as they remained buyers for the twelfth straight day.