Nifty 50 Falls Below 24,550 After RBI Holds Repo Rate at 5.25%; Sensex Erases Early Gains
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At around 2:00 PM, the Nifty 50 was down 98.40 points, or 0.40 per cent, at 24,516.50, while the Sensex declined 74.48 points, or 0.09 per cent, to 78,354.47.
✨ Key Takeaways
The Indian stock market erased its early gains on Wednesday as Banking stocks came under pressure after the Reserve Bank of India (RBI) announced its monetary policy decision.
At around 2:00 PM, the Nifty 50 was down 98.40 points, or 0.40 per cent, at 24,516.50, while the Sensex declined 74.48 points, or 0.09 per cent, to 78,354.47.
The RBI's Monetary Policy Committee (MPC) kept the repo rate unchanged at 5.25 per cent and maintained its 'Neutral' policy stance, in line with market expectations. The central bank projected India's GDP growth at 6.7 per cent for the current financial year. It also revised its headline inflation forecast to 5 per cent from the earlier estimate of 5.1 per cent.
Despite the weakness in benchmark indices, broader markets remained resilient. The Nifty MidCap index was trading 0.08 per cent higher, while the Nifty SmallCap index gained 0.69 per cent.
Among sectoral indices, the Nifty Realty and Nifty Auto indices emerged as the Top Gainers. On the other hand, the Nifty Private Bank and Nifty Bank indices were the biggest laggards, dragging the benchmark indices lower.
Disclaimer: The article is for informational purposes only and not investment advice.