Indian stock markets Sensex and Nifty closed in negative territory recovering partly from the day’s low post-RBI repo rate hike with BSE Sensex losing 85 points and NSE Nifty settling below 11,350. Shares of heavyweight companies such as HDFC, HDFC Bank and ICICI Bank were the major losers among the rate-sensitive stocks, also, these shares were the major contributors in wiping out the Sensex gains.
India’s stock markets went into deep losses after the Reserve Bank of India (RBI) hiked the repo rates by 25 basis points to 6.5%. BSE Sensex falling 274 points from the today’s all-time high of 37,711.87 to a day’s low of 37,437.63. The hike in the repo rates was largely in line with the street expectations.
The Reserve Bank of India (RBI) pulled the trigger again to keep India’s inflation under control by raising the repo rate by 25 basis points in its August bi-monthly monetary policy meeting, taking it to a two-year high.
Indian Markets pared gains in mid-morning deals with Sensex falling over 100 points from all-time high of 37,711.87. Before RBI’s repo rate decision. The domestic stock markets went higher after opening flat on Wednesday. BSE Sensex crossing 37,700 for the first time ever in stock market history and NSE Nifty nearing the 11,400-mark. Nifty following the uptick in Reliance Industries, TCS and ITC.
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