Sensex, Nifty end lower after RBI raises key rates
Sensex & Nifty Today: Indian stock market indexes opened higher on Wednesday ahead of the RBI Monetary policy outcome, amid positive cues from the US markets overnight and Asian markets. The Nifty index opened at 16474.95, up by 58.6 points while Sensex made a positive opening of 238.17 points at 55345.51 levels. The Indian benchmark indices traded volatile throughout the day today and closed lower after the RBI raises key rates.
Stock Markets News and Updates
After opening higher, the key indexes turned negative ahead of the RBI policy outcome. As widely expected, the Reserve Bank of India has hiked the repo rate by 50 basis points and retained the GDP growth rate at 7.2% for FY23. The Central bank has revised the CPI inflation rate from 5.7% to 6.7% for FY23 due to higher food and energy prices. Indian markets have reacted positively after the RBI policy outcome, as indexes recovered their losses and turned positive.
However, markets failed to hold gains and soon slipped below neutral lines again as traders were concerned the Worl Bank’s cut India’s economic growth forecast for the current financial year, high crude oil prices, and surging Covid cases in India.
On the global front, the other Asian markets were closed mostly in the green tracking positive cues from Wall Street overnight. Relaxation of covid-related restrictions in Shanghai and the news that the Biden administration is looking at the options of lifting tariffs on China to fight inflation helped to lift the market sentiments. European markets are trading lower as investors are cautious ahead of the US inflation data expected later this week and as Credit Suisse shares fall on a profit warning.
Nifty and Sensex at the close today
The Nifty index declined by 60.10 points or 0.37 percent and closed at 16356.25 levels while Sensex was down by 214.85 points or 0.39 percent and finished at 54892.49 levels. The Bank Nifty index ended lower today by 49.85 points or 0.14 percent on the spot level and ended at 34946.15
The broader markets were closed lower in line with their larger peers. The Nifty midcap index declined by 133.15 points or 0.48 percent and closed at 27670.80 levels. The Nifty smallcap index closed lower by 26.80 points or 0.30 percent and finished at 9035.35 level
Nifty top gainers and losers today
The top gainer in the Nifty50 index was Tata Steel, SBI, Titan Company, Dr. Reddy’s Lab, and BPCL whereas the top losers were Bharti Airtel, ITC, Reliance, UPL, and Asian Paints.
The top gainers in the Nifty midcap index were Glenmark, Dalmia Bharat, and Nippon and the top losers were Gujarat Gas, Deepak Nitrite, and Polycab
The smallcap top gainers were TV18 Broadcast, Future Retail, and Engineers Ind, and the top losers were GNFC, Amber Enterprise, and Balrampur Chini.
The most active stocks in the Nifty index in terms of value were Reliance, Bharti Airtel, and SBI The most active stocks in terms of volume were ONGC, SBI, and NTPC.
On a sectoral front, FMCG, Oil & Gas, Consumer Durables, Banking, and Financial Services closed in the red. The sectors that closed higher were Realty, Media, PSU Banks, IT, and Pharma.
If you like the post “Sensex, Nifty end slightly lower after RBI raises key rates” please share it with others.
You may also like to read, RBI Monetary Policy 8 June 2022- Web Story
Trade Setup for Wednesday 8 June 2022: Morning Report
Happy Investing!!
Editorial desk
