Markets fall post RBI monetary policy decision
The Hindu
IndusInd Bank, JSW Steel, Titan, Bajaj Finance, Tech Mahindra and Power Grid were among the gainers.
Benchmark equity indices declined on Thursday post the RBI monetary policy, dragged down by banking counters, after the unexpected announcement of reducing cash in the financial system.
Investors also remained on the sidelines ahead of the U.S. inflation data announcement.
The Reserve Bank of India (RBI) on Thursday left its key interest rates unchanged for a third straight meeting but signalled tighter policy if food prices drive inflation higher.
The monetary policy committee, which has three members from the central bank and a similar number of external members, held the benchmark repurchase rate (repo) at 6.50% in a unanimous decision.
It retained the stance on “withdrawal of accommodation” but Governor Shaktikanta Das sounded hawkish when he highlighted that headline inflation needs to subside sustainably below 4% and any surge in the inflation print, if continued for a longer period, may necessitate fresh action.
The 30-share BSE Sensex fell 307.63 points or 0.47% to settle at 65,688.18. During the day, it tanked 486.67 points or 0.73% to 65,509.14.
The NSE Nifty declined 89.45 points or 0.46% to end at 19,543.10.
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