Breaking: Sensex Plummets 300 Points – Banks, Auto, Real Estate Stocks React to MPC Outcome
Stock Market LIVE: Indian Markets Stay Negative Post RBI’s Rate Decision
The Indian stock markets faced a downturn on Thursday, August 8, 2024, as the Reserve Bank of India’s (RBI) monetary policy committee (MPC) opted to keep the repo rate unchanged at 6.5%. The decision, reached by a majority of 4:2, reflects the MPC’s stance on the "withdrawal of accommodation." The RBI also projected a GDP growth rate of 7.2% for the financial year 2024-25 (FY25) and forecasted Consumer Price Index (CPI) inflation at 4.5%.
Following this announcement, key indices retreated. The BSE Sensex fell by 466 points, hovering near the 79,000 mark, while the Nifty50 decreased by 133 points, settling at 24,165 levels. Leading the losses on the BSE were JSW Steel, Infosys, Tata Steel, and L&T, which declined between 1% and 2%. Conversely, ITC, Tata Motors, and Titan emerged as gainers.
On the NSE, Tata Motors, Cipla, ITC, and Dr. Reddy’s Laboratories were among the top gainers. In contrast, Infosys, JSW Steel, and ONGC were the top losers.
Broad market trends showcased mixed signals. The MidCap index dipped by 0.23%, whereas the SmallCap index experienced a marginal surge of 0.25%. Sectoral performance was predominantly negative, led by declines in the Nifty Metal, Nifty IT, and Nifty Auto indices, which fell by up to 1%. However, some sectors bucked the trend; the Nifty Media and Pharma indices edged up by 0.15% and 0.8%, respectively.
Despite the negative sentiment in the broader market, selective gains in sectors and stocks provided a balanced perspective, indicating cautious optimism among certain investors. As the market digests the RBI’s decision, the focus now shifts to upcoming economic data and corporate earnings for further direction.
Original Story https://www.business-standard.com/markets/news/stock-market-live-updates-aug-8-sensex-gift-nifty-rbi-policy-ipo-listing-today-block-deal-ceigall-124080800084_1.html
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