Stock market reacts negatively to RBI policy decision, leading to substantial point drop.
Main Losers on Sensex
Asian Paints experiences 3% decline, accompanied by losses in Kotak Bank, ITC, Bharti Airtel, Axis Bank, ICICI Bank, and Nestle.
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Reserve Bank’s Policy Decision
RBI maintains policy repo rate at 6.5%, instructs banks to maintain 10% incremental cash reserve ratio.
Snapshot of Market Performance
S&P BSE Sensex plunges by 308 points, closing at 65,688. Meanwhile, NSE Nifty50 touches a low of 19,495 and concludes with an 89-point loss at 19,543.
Winners and Losers
IndusInd Bank, JSW Steel, Titan, PowerGrid, M&M, and TechM emerge as gainers. However, Asian Paints, Kotak Bank, ITC, Bharti Airtel, Axis Bank, ICICI Bank, and Nestle experience significant losses. Zee Entertainment’s shares soar 20% on BSE after NCLT approves Zee-Sony India merger.
Broader Market Trends
BSE Midcap and Smallcap indices incur marginal losses up to 0.2%.
Sectoral Performance
Except for metal and power sectors, all other sectoral indices register declines. FMCG and PSU Bank sectors witness nearly 1% dip, while capital goods and healthcare sectors decrease by 0.5%.
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