Markets pulled back from their super single day rally on Thursday's trading session in an aftermath of RBI's monetary policy outcome. IT, Banking and consumer durables stocks weighed the most on the bearish tone. RBI maintained the status quo in policy repo rate and stance for the ninth consecutive time. This time emergence of the Omicron variant and the possibility of a resurgence in Covid cases swayed RBI's policy decisions.
At around 10.51 am, Sensex was trading at 58,518.82 down by 130.86 points or 0.22%. The index has touched an intraday high and low of 58,889.96 and 58,340.85.
Nifty 50 performed at 17,430.15 lower by 39.60 points or 0.23%. The index has touched an intraday high and low of 17,543.25 and 17,379.60 respectively.
On BSE, in terms of sectoral indices, the IT index dipped over 185 points. While the Bankex and Consumer Durables index slipped around 265 points and 305 points respectively.
Reliance Industries was the top bull on BSE surging nearly 2% followed by Bajaj Finance soaring over 1.2%. Sun Pharma, L&T, Asian Paint and ICICI Bank were also on the gainers' list climbing between 0.5-1%.
Bears on BSE were - Titan shedding nearly 2% followed by HDFC Bank diving over 1.5%. Kotak Bank, TCS, NTPC and Nestle India dropped over 1% each.
Stocks like HCL Tech, Maruti Suzuki, Axis Bank, Power Grid, Tech Mahindra and SBI fell between 0.5-1%.
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.
Likewise, the reverse repo rate under the LAF remains unchanged at 3.35% and the marginal standing facility (MSF) rate and the Bank Rate at 4.25%.
The MPC also decided to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.