The rate-setting committee's members struck a balanced note on its rate stance going forward and cited rising inflation pressure due to high oil prices as the key reason for raising interest rates earlier this month, minutes of the June 6 meeting showed on Wednesday. "The RBI (Reserve Bank of India) minutes suggest probably one more hike this year, which, I believe is already discounted by the markets," said Krish Subramanyam, co-head and equity adviser at Altamount Capital.
Pipe makers fell, with Jindal Saw Ltd hitting a more than 10-month low after the US Commerce Department said it was imposing preliminary duties that could top 500 percent on welded pipe from countries including India.
Dr. Reddy's Laboratories Ltd and Power Grid Corp of India Ltd were also among the top losers, falling over 2 percent each. The Nifty FMCG index was on track to post losses for a seventh straight session, with index heavyweight ITC Ltd dropping for a second straight session.