Sensex, Nifty index end lower after RBI Policy Outcome
Sensex and Nifty Index Today: Indian stock market indexes made a cautious start on Wednesday amid weak global cues. The Nifty index opened at 18638.35 levels, down by only 3.9 points while Sensex made a negative opening of 10.84 points at 62615.52 levels. Markets fell sharply after the announcement of the policy rate and later extended their losses at the close.
Stock Market News and Updates Today
On Tuesday, Fitch Ratings retained India`s economic growth forecast at 7 percent for the current fiscal, saying India could be one of the fastest-growing emerging markets this year. Markets got some support with a private report that amid restrictions in view of the Covid-19 pandemic in China, India seems to be emerging as a key investment destination for multinational corporations.
Indian markets were trading in a range bound in the morning session and were struggling for a direction ahead of RBI monetary policy announcement. The RBI raised the key repo rate by 35 basis points as widely expected, the fifth straight increase since April 2022. Markets fell sharply, as RBI cut the GDP growth forecast for FY23 to 6.8 percent from 7 percent and kept the inflation forecast steady at 6.7% for the financial year 2022/23.
On the global front, most of the Asian markets closed in the red broadly negative cues from global markets overnight, as traders remain concerned about the outlook for interest rates and the pace of rate hikes by the US Fed in its next week meeting following recent upbeat economic data. European markets are trading flat at 3.30 pm IST
Sensex and Nifty Index at the close today
The Nifty 50 index was down by 82.25 points or 0.44 percent and closed at 18560.50 levels while the Sensex declined 215.68 points or 0.34 percent and finished at 62410.68 levels. The Bank Nifty index closed lower by 39.85 points or 0.09 percent on the spot level and ended at 43098.70
The broader markets underperformed the benchmark today. The Nifty midcap index declined 186.95 points or 0.58 percent and closed at 32308.30 levels. The Nifty smallcap index was down by 59.50 points or 0.59 percent and closed at 10047.40 levels.
Nifty 50 index top gainers and losers today
The top gainers in the Nifty 50 index were Asian paints, HUL, BPCL, Larsen, and Axis Bank and the top losers were NTPC, SBI Life, Bajaj Finance, Tata Motors, and IndusInd bank
The top gainers in the Nifty midcap index were Au Small Finance, Godrej Industries, and Power Finance, and the top losers were Oberoi Realty, Manappuram Fin, and Dhani Services
The smallcap top gainers were Aegies Logistics, KEC Intl, ad Sterling Wilson while the top losers were Sterlite Techno, Delta Corp, and Strides Pharma
The most active stocks in the Nifty index in terms of value were ICICI Bank, Reliance, and HDFC Bank The most active stocks in terms of volume were Tata Steel, ICICI Bank, and Tata Motors
On the sectoral front, barring FMCG and PSU Bank all other sectoral indices were closed in the red today. The sectors that dragged down the markets were Media, Realty, Consumer Durables, Metals, and Auto
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