After rallying for six consecutive sessions, benchmark indices on Thursday corrected for the third straight session as traders turned cautious in the run-up to the announcement of five state elections' results next week.
The outcomes of these elections is what the market is predominantly keeping an eye out for. The other factors that will influence sentiment would be the outcomes of the OPEC meet later in the day and US Federal Reserve policy meeting next week. The RBI's Monetary Poliy Review was along expected lines.
"Of the three key events in December, the trade truce between US-China and RBI monetary policy has played out without any damage. The OPEC meeting today and outcome of the state elections are key events ahead that could lead to some short term volatility," said Gaurav Dua, Head of Research, Sharekhan by BNP Paribas. "We remain buyers on dips in equities."The Sensex closed down 572.28 points or 1.59 percent at 35,312.13 and the Nifty plunged 181.70 points or 1.69 percent to 10,601.20.
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Source:https://www.moneycontrol.com/news/business/markets/5-factors-that-dragged-sensex-down-over-550-points-nifty-to-10600-today-3259441.html
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