Stock Market Highlights: It seems like back to square one, with the markets once again coming under pressure. The euphoria from the previous two sessions proved to be short-lived, with the indices ending the day firmly in the red. The Nifty slipped 173 points to close at 22,603, while the Sensex fell 429 points to 72,639. The Nifty Bank also closed lower, down 73 points at 55,056. Titan, Asian Paints and SBI Life were among the top laggards, while rate-sensitive sectors bore the brunt of the selling after the RBI raised the repo rate by 25 basis points.
Stock Market Highlights: Indian equity markets snapped their two-day gaining streak on Wednesday, with the Nifty falling 173 points to close at 22,603 and the Sensex declining 429 points to 72,639. The Nifty Bank slipped 73 points but relatively outperformed, while the Midcap index fell 379 points.
The market came under pressure after the Reserve Bank of India (RBI) raised the policy repo rate by 25 basis points, with cautious commentary weighing on sentiment. The rupee also weakened against the dollar, slipping to a five-month low of 96.78 per dollar.
Rate-sensitive sectors including realty, auto, NBFCs and small finance banks declined, while higher crude prices kept paint and airline stocks under pressure. Metal stocks also remained weak as the dollar index rose. On the other hand, capital market stocks, housing finance companies and PSU banks gained, while Kalyan Jewellers rose 4% after a healthy Q2 business update.
Market breadth remained weak, with the advance-decline ratio at 2:3.
Watch this space for all the LIVE stock market highlights.
HomeMarket NewsStock Market Highlights: Nifty at 22,600, Sensex falls 429 pts after RBI hikes rate for first time in nearly 4 years
