Nifty falls on RBI rate decision day; Titan, SBI Life lead declines
8 out of 10 economists in a consensus poll are expecting a 25 basis-point hike in the repo rate to 5.50 per cent, which would be the first increase since February 2023
The Nifty fell on the day of the RBI's rate decision, with Titan and SBI Life leading the declines. The BSE Sensex opened at 72,965.38, down 0.57 percent, while the NSE Nifty 50 opened at 22,690.45, slipping 0.68 percent. Investors were cautious ahead of the central bank's decision, with only four of the 50 Nifty constituents trading higher.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that a 25 basis point hike in policy rates is expected and already discounted by the market. However, the central bank's view on growth and inflation dynamics remains a concern. Among the gainers, pharmaceutical stocks led the advance, while consumer and rate-sensitive stocks suffered.
The elevated crude oil prices and the US 10-year Treasury yield also impacted the market sentiment. Foreign portfolio investors continued to sell off Indian equities, while domestic institutional investors made net purchases.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
