Stock market today: Continuous foreign fund outflows and weak trends in the US markets drove domestic equities lower.
Sensex and Nifty traded lower after the Reserve Bank of India (RBI) decided to keep the policy rate unchanged for the ninth time in a row. Continuous foreign fund outflows and weak trends in the US markets also drove domestic equities lower. The 30-share BSE Sensex tumbled 570.09 points to 78,897.92. The NSE Nifty tanked 178.2 points to 24,119.30.
Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)
The rate increase cycle was paused in April last year after six consecutive rate hikes. RBI governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent as it remains watchful of elevated food inflation.
Among the 30 Sensex firms, Power Grid, Infosys, Larsen & Toubro, JSW Steel, UltraTech Cement and Asian Paints were the biggest laggards. Tata Motors, HDFC Bank, Tech Mahindra and ITC were among the gainers during the initial trade.
What about global markets?
In Asian markets, Shanghai and Hong Kong traded higher while Seoul and Tokyo quoted lower. The US markets ended lower.
FII watch today
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,314.76 crore on Wednesday, as per exchange data.
News/Business/ Sensex, Nifty fall post RBI monetary policy decision: Top gainers and losers
