February 1, 2023

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Sensex, Nifty Retreat Ahead Of RBI Rate Decision

1 min read

Indian shares ended Tuesday’s session sharply lower as risk sentiment weakened in global equity markets amid concerns about inflation and interest-rate increases.

A sell-off in the U.S. bond market overnight fueled anxiety about a possible economic slowdown.

Australia’s central bank surprised markets by lifting the official cash rate by a bigger-than-expected 50 bps, bringing back worries over rising prices back at the forefront.

The benchmark S&P BSE Sensex hit as low as 54,882.41 before ending the session down 567.98 points, or 1.02 percent, at 55,107.34.

The broader NSE Nifty index fell 153.20 points, or 0.92 percent, to 16,416.35 ahead of the RBI’s scheduled policy review due Wednesday.

The RBI is expected to increase the policy repo rate by 25-50 basis points, taking the rate at which the RBI lends to banks to as high as 4.9 percent to curb rising inflation.

Larsen &Toubro, Britannia Industries, Dr Reddy’s Laboratories, UPL and Titan Company lost 3-4 percent in the Nifty pack, while ONGC surged nearly 5 percent to extend recent gains.

Other PSU stocks such as NTPC and Coal India added 1.5 percent and 1.4 percent, respectively.

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2022-06-07 06:27:59

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