Stock market snap 4-day winning streak post RBI policy outcome.
Ira Singh
8 June’23
The Indian stock market indices snapped a four day winning streak post RBI policy outcome.
According to official report,the Reserve Bank of India (RBI) Monetary Policy Committee (MPC)retained the repo rate, the key short-term lending rate, at 6.5 percent and also stuck to the “withdrawal-of-accomodation” stance.
The central bank maintained its GDP growth projection for the fiscal year 2023-24 at 6.5 percent, while made a slight downward revision to its inflation forecast for 2023-24, lowering it by 10 basis points to 5.1 percent but still above its target of 4 percent.
At close,the Sensex was down 294.32 points or 0.47% at 62,848.64, and the Nifty closed 91.85 points or 0.49% lower at 18,634.55.
Stocks and Sectors
NTPC, JSW Steel, ONGC, Power Grid Corp and Larsen and Toubro were among the top gainers on the Nifty, while losers included Grasim Industries, Kotak Mahindra Bank, Sun Pharma, Tech Mahindra and Apollo Hospitals, according to sources.
On the sectoral front,all indices ended in the red, except power and capital goods.
The BSE midcap and smallcap indices fell 0.5 percent each.
After a 10% decline in 2022, the rupee has traded within its narrowest range in nearly two decades this year, as the Reserve Bank of India has regularly intervened to shelter the currency from big swings, claimed official report.
The Indian rupee will trade in a tight range against the U.S. dollar over the next three months, close to its historic low, but any hawkish moves from the Federal Reserve on rates could send it sliding, a Reuters poll of analysts found.
On 8th June’23,the Indian rupee depreciated 2 paise to close at 82.57 against the US dollar.
Experts Take:
Market experts have recommended six stocks to buy for Thursday-SBI, BPCL, TTML, Suzlon, Dixon Technologies and Wipro.