Closing Bell: Headline indices fall for the fourth consecutive session as RBI hikes interest rates by 50 bps
Domestic equity bourse Sensex and Nifty swayed between gains and losses amid a volatile trade on Wednesday after RBI Governor Shaktikanta Das announced a 50-bps hike in the key lending rate.
While unveiling the third monetary policy for 2022-23, Reserve Bank of India Governor Shaktikanta Das said that the Indian economy remained resilient, and the central bank will continue to support growth. In the MPC meet, RBImaintained its growth projection at 7.2% for the financial year 2022-23. India's central bank once again raised the interest rate by 50 basis points to a two-year high of 4.9% to tame inflation that has surged in the last couple of months. This new rate hike comes on the back of a 40 basis point increase effected by RBI in a surprise move on May 4.
In today's session, the Indian equity market once again closed in red for the fourth straight session on Wednesday after the Reserve Bank of India (RBI) hiked its key lending rate.
At the closing bell on June 8, the BSE Sensex fell 215 points or 0.39% to close at 54,892, while the broader NSE Nifty was down by 60 points or 0.37% to settle at 16,356.
In the broad market, Nifty Midcap 100 slipped by 0.48% lower and small-cap fell by 0.30%. Sector-wise, seven out of the 15 sectors on the National Stock Exchange finished in the red. Nifty FMCG, Nifty Consumer Durables, Nifty Oil & Gas and Nifty Private Bank plunged by 1.05%, 0.55%, 0.92% and 0.43%, respectively.
In the top drags, Bharti Airtel was the top Nifty loser as the stock lost 2.98%. ITC, Reliance Industries, UPL and Asian Paints were also among the laggards.
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