Sensex dives 746 pts after RBI maintains status quo; rate sensitive stocks fall
The rate-sensitive stocks witnessed choppy trade after the RBI policy announcement, with auto realty, and bankex indices sliding up to 1%.
The rate-sensitive stocks witnessed choppy trade after the RBI policy announcement, with auto realty, and bankex indices sliding up to 1%.
The BSE Sensex and Nifty50 are likely to open flat as GIFT Nifty was down 7 points, indicating a gap down opening for the bourses.
Rate-sensitive stocks slipped in red as the central bank raised the repo rate for the sixth time in a row, which is likely to impact consumption and demand for loans.
The stock markets slipped in red after the RBI announced rate hike, led by interest rate sensitive realty stocks.
The BSE bankex index was the top performer with a 2% gain, led by Bank of Baroda, Federal Bank, Kotak Mahindra Bank, HDFC Bank, and SBI.
The RBI governor Shaktikanta Das-led MPC keeps inflation forecast unchanged at 6.7% for the financial year 2022-23 amid upside risks to food prices.
The RBI Governor Shaktikanta Das-led MPC is expected to raise the policy rate by another 50 bps to 5.9% as retail inflation remained elevated above the RBI’s threshold of 6%.
Do not go for duration funds at this point at all
The Sensex and Nifty are poised to open lower on Wednesday, in line with global equities as investors remain concerned about a potential global recession.
The BSE Sensex has fallen 2,575 points, or 4.3%, in the last four trading days, while the Nifty50 has lost 800 points, or 4.5%, during the same period.