Indian Shares Drift Lower Ahead Of RBI Rate Decision
The six-member Monetary Policy Committee voted unanimously for the hike as inflation, crude prices and rupee weakness kept policy pressure high.
- On Wednesday, the BSE Sensex and Nifty opened lower as investors turned cautious ahead of the RBI MPC decision, with mixed global cues adding to uncertainty.
- Crude Oil Near $100 per barrel continued to weigh on sentiment, as elevated crude prices remained a key concern for Indian markets amid supply pressures.
- Foreign Institutional Investors remained sellers on Tuesday, offloading equities worth Rs 2,961.30 crore, while market breadth turned negative with 1,681 stocks declining on the NSE against 827 advancing.
- Saurav Ghosh, co-founder of Jiraaf, stated that elevated energy and food prices strengthened the case for a rate increase, with markets factoring in at least 50 bps of cumulative tightening by December.
- Technical Research Analyst Deepesh Sarawagi at Choice Broking noted the near-term setup remains constructive, though the ongoing FII selling streak presents a key overhang to sustained recovery.
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Indian stock markets ended a two-day streak as RBI raised the repo rate by 25 basis points to 5.5%, causing the Nifty 50 to drop 0.76% and the Sensex to decline 0.59%. The rupee hit a five-month low, while bond yields rose post-announcement.
RBI rate hike shakes Indian markets: Sensex, Nifty end lower amid renewed tightening concerns
The rate decision initially intensified selling across the market. The Sensex and Nifty both fell sharply during the session, but the indices recovered a significant portion of their intraday losses after the policy announcement.
Indian Shares Drift Lower Ahead Of RBI Rate Decision
Indian shares opened lower on Wednesday after two days of gains amid diminished expectations for another Federal Reserve interest-rate hike in October. The Reserve Bank of India will announce its bi-monthly monetary policy later today, with the central bank expected to hike its key repo rate by 25 basis points after maintaining a status-quo so far this calendar year.
Stock Market Today Live Updates: BSE Sensex down 400 points, NSE Nifty50 opens near 22,600 as traders eye MPC meeting, crude prices & more - The Times of India
Dalal Street to enter Wednesday's session with monetary policy, crude prices and currency movements as key market variables. The previous advance in
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