Market Closes Flat as RBI’s Stance on Inflation Dominates Sentiment

Ira Singh
Khabar Khabaron Ki,05 April’24

The domestic share market indices ended on a flat note in the volatile session on April 5 Friday, after the Reserve Bank of India (RBI) left the key repo rate unchanged at 6.5 percent.

The central bank’s focus on inflation convinced equity strategists that the RBI is no hurry to cut rates any time soon.They expect markets to remain rangebound in the near-term.At close, the Sensex was up 20.59 points or 0.03 percent at 74,248.22, and the Nifty was down 0.95 points at 22,513.70. About 2134 shares advanced, 1353 shares declined, and 101 shares unchanged.

Kotak Mahindra, SBI Life Insurance, HDFC Bank, Bajaj Finserv and ITC were the top gainers on the Nifty, while losers included UltraTech Cement, Grasim Industries, Bajaj Auto, Bajaj Finance and L&T.

On the sectoral front,bank, FMCG, realty up 0.5-1.5 percent, while Information Technology and Media down 0.4 percent each.The BSE midcap and smallcap index rose 0.5 percent each.

Rupee Close:
On 05 April’24,the Indian rupee depreciated 6 paise to 83.45 against the US dollar in early trade on Friday, as market participants remained cautious ahead of the announcement of the Reserve Bank of India’s rate-setting panel’s decision.

Forex traders said the local unit was also weighed down by a strong American currency and elevated crude oil prices. Moreover, a negative trend in domestic equities and sustained foreign fund outflows also dented investor sentiments.

Trading Guide:
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