Taking Stock | Sensex down 575 points, Nifty below 17,700 ahead of RBI policy

Taking Stock | Sensex down 575 points, Nifty below 17,700 ahead of RBI policy

The Indian market ended lower for the third straight session on April 7, with benchmark indices falling a percent each amid selling across the sectors barring pharma.

After a lacklustre start on weak global cues, the market saw some recovery in the afternoon session but extended selling towards the close a day ahead of the Reserve Bank of India’s policy meeting.

The Sensex ended 575.46 points, or 0.97 percent, lower at 59,034.95, and the Nifty was down 168.20 points, or 0.94 percent, at 17,639.50.

"Volatility increased as the market approached the RBI policy meet outcome. The latest sectoral outperformers like metals, power and oil & gas sectors were the most hit including mid and small caps," said Vinod Nair, Head of Research at Geojit Financial Services.

If RBI’s announcements are in line with market expectations—rates being unchanged, inflation forecast moderately up and robust economic outlook—then the market will trade positively, he said.

Adani Ports, Titan Company, HDFC, Power Grid Corp and ONGC were among the top Nifty losers. Axis Bank, Divi’s Labs, HUL, Dr Reddy's Laboratories and ICICI Bank were the top gainers.

Among sectors, Nifty IT and metal indices declined a percent each, while the auto index slipped 0.8 percent. The pharma index