Indian Indices Slip Post RBI Decision, Zomato's Q3 Profit Soars

8 Feb 2024 , 04:00 PM

Domestic benchmark indices experienced a decline following the Reserve Bank of India’s decision to maintain its key interest rate for the sixth consecutive meeting.

On February 8, Indian benchmark indices closed lower, with the Nifty falling below 21,750 after the RBI’s unchanged policy rate announcement.

The Sensex closed down by 723.57 points or 1.00% at 71,428.43, while the Nifty was down by 212.50 points or 0.97% at 21,718.

Notable losers on the Nifty included Britannia Industries, ITC, Kotak Mahindra Bank, Axis Bank, and Nestle India, while gainers included State Bank of India, BPCL, Power Grid Corporation, TCS, and HCL Technologies.

Across sectors, auto, bank, realty, capital goods, and FMCG witnessed declines of 0.6-2%, while oil & gas, power, Information Technology, and PSU Bank saw gains of 0.3-2%. The BSE midcap index closed flat, and the smallcap index was down 0.4%.

Private bank stocks were the primary contributors to the decline. The rupee settled 1 paisa higher at 82.95 (provisional) after the RBI’s monetary policy decision.

Zomato’s third-quarter earnings exceeded estimates, driven by robust growth in food delivery and hyperpure businesses. The net profit surged nearly 4x (283%) quarter-on-quarter (QoQ) to ₹138 Crore. The company had reported a loss of ₹34.7 Crore in the same period last year.

For feedback and suggestions, write to us at [e-mail]