BSE Sensex down 45 points in early trade on weak global cues

Weak global cues and eyes on the Indian central bank's move in the last monetary policy of the fiscal kept the markets subdued in early trade on Tuesday.

The BSE Sensex was over 45 points down in early trade. However, at 0949hours, it had recovered slightly and was trading at 28,412.27, down 27.01 points or 0.09% from previous close. The National Stock Exchange Nifty was down 13.60 points or 0.15% at 8,787.45 from previous close.

"MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade. Japan's Nikkei dropped 0.6% as a stronger yen depressed stocks," according to a Reuters report.

"Appetite for stocks and the euro ebbed on Tuesday as political and economic uncertainty sent investors sheltering in the Japanese yen and gold, while expectations China's foreign exchange reserves had fallen for a seventh month added to nervousness," it said.

The weakness in the Asian markets weighed on the domestic markets on Tuesday. Investors are also keenly eyeing the Reserve Bank of India's stance on Wednesday, when it announces its final bi-monthly policy of the current fiscal. Most experts, including economists and bankers and analysts, expect the central bank to cut rates by 25bps.

On the BSe, the top losers were HDIL down 2.70%, IDBI down 2.27%, Delta Corp down 2.23%, Jubilant Foodworks down 1.88%, and Tata Motors down 1.83%.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)