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Wednesday, June 15, 2011

Indian stocks closes down as investors keep fingers crossed for RBI meeting

The benchmark Indian stock indices including the Bombay Stock Exchange's SENSEX and National Stock Exchange's NIFTY closed down today as investors looked cautioned ahead of the RBI meet which is to take place tomorrow. Braced with a prospect of inflation surpassing initial expectations yet again and taking comfort from a shallower than anticipated moderation in industrial production, we believe that the RBI is likely to hike its repo rate by 25 bps when it meets tomorrow.

Bombay Stock Exchange's Sensex ended at 18132.24, down 176.42 points today. The large-cap index hit a high of 18308.69 during intraday trading today.

The National Stock Exchange's broader index Nifty closed at 5447.10, down 53 points. The index touched a low of 5438.95 inday trade today.

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