Nifty slips 179 points mid-session as RBI's hawkish shift keeps markets under pressure
SBI Securities placed Nifty support at 22,530–22,550 and resistance at 22,840–22,860, with an extension toward 23,010 possible on a decisive breakout above 22,860
Mid-session on Wednesday, the Nifty slipped 179 points as the Reserve Bank of India's Monetary Policy Committee unanimously raised the repo rate by 25 basis points, signaling a shift from a neutral to calibrated tightening stance. The BSE Sensex fell 422.97 points and the Nifty 50 dropped 178.90 points. The RBI also increased its FY2027 inflation forecast to 5.2% and GDP growth estimate to 7.1% from previous projections of 5.0% and 6.7% respectively.
Despite sectoral gains from banking stocks, market breadth trended negative with more stocks falling than advancing.
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