Stock market traded lower post RBI policy announcement, banking sector bears brunt

Stock market traded lower post RBI policy announcement, banking sector bears brunt

Ira Singh
10 Aug’23

The Indian equity benchmark indices traded lower on Thursday, post Reserve Bank of India’s (RBI) policy meeting which decided to maintain an additional 10 percent of Incremental Cash Reserve Ratio (ICRR) for banks, and upward revision of inflation forecast also dampened investor sentiments.

At close,the Sensex was down 307.63 points or 0.47 percent at 65,688.18, and the Nifty was down 89.45 points or 0.46 percent at 19,543.10.

Stocks and Sectors
Adani Enterprises, IndusInd Bank,Adani Ports, Titan Company and ONGC were biggest gainers on the Nifty, while losers included Asian Paints, ITC, Kotak Mahindra Bank, Britannia Industries and Apollo Hospitals.

On the sectoral front,except for metal and power, all other indices ended in the red with FMCG and PSU Bank down nearly 1 percent each, while capital goods, healthcare were down 0.5 percent each.

The BSE midcap and smallcap indices also ended the day marginally lower.

On 10th Aug’23,the Indian rupee gained 17 paise to close at 82.68 against the US dollar after the Reserve Bank left its key interest rates unchanged.

RBI as widely anticipated decided to keep the repo rate steady at 6.5 percent and retained the stance of withdrawal of accommodation.

Experts Take:
Market experts have recommended six stocks to buy for Thursday- LT, Marico, SBI, TCS, TCPL and Bikaji Foods