Indian markets on Tuesday closed nearly 0.5% lower as investors took breather after a fresh record rally ahead of the key Reserve Bank of India's (RBI) bi monthly policy. The benchmark Sensex closed 184.08 points, or 0.46%, lower at 40,083.54, while the NSE Nifty 50 index finished at 12,021.65, down 66.90 points, or 0.55%. Bank of America Merrill Lynch economist Indranil Sen Gupta expects RBI to cut interest rate by an unconventional 35 basis points on Thursday. "The pressure on the Reserve Bank of India (RBI) to cut interest rates this week has mounted dramatically, considering slowing economy and sub-3% inflation. Oriental Bank of Commerce rose 3.4%, Syndicate Bank 2.4%, Union Bank of India 1.9%, Allahabad Bank 1.7%, Canara Bank 1.2%, Bank of India 1%, Bank of Baroda 0.7%.

Source: Mint June 04, 2019 10:30 UTC