Sensex, Nifty in red ahead of Rajan's last RBI policy review

The 30-share BSE Sensex was trading below the red line on Tuesday ahead of the third bi-monthly monetary policy of the fiscal. 

BSE Sensex, which closed nearly 100 points up on Monday, was trading down 31.01 points or 0.11% at 28,151.56 compared to Monday's close.

RBI Governor Raghuram Rajan is slated to announce what will be his last monetary policy review on Tuesday where he is largely expected to maintain status quo. Rajan's three-year term as the chair of the central bank comes to an end on September 4, and he will be heading back to academia without seeking a second term. 

Domestic markets ignored the strength in the global markets, and remained under the red line, albeit slightly. 

The broader 50-share National Stock Exchange's Nifty was also trading below the red line, close to the crucial 8,700-mark it managed to cross on Monday. In early trade, the NSE Nifty was trading at 8,703.00 down 8.35 points or 0.10% from previous day's close.

On the BSE, the top losers included Idea Cellular which posted an over 70% loss in its Q1 earnings. The telecom company posted a 74.5% fall in its consolidated net income to Rs 217.1 crore as it bought more spectrum. The company's revenue however, was up 8% in the April-June quarter. Idea Cellular's shares were trading down 4.22% at Rs 98.75 from previous day;s close. 

Other top losers on the Sensex were, Muthoot Finance 3.71%, JK Tyre 2.79%, Shri Renuka Sugars 2.65%, EID Parry 1.98%.