Markets fall as RBI keeps key policy rates unchanged

8 Jun 2023 , 01:14 PM

Indian stock markets are trading lower in Thursday afternoon session following RBI’s announcement to maintain existing key policy rates, as anticipated by the investors. Auto and consumer stocks dragged down the market.

The monetary policy committee (MPC) of the RBI maintained the repo rate at 6.50% for the second consecutive meeting. However, they indicated that monetary conditions will continue to be stringent in the foreseeable future.

On the sectoral front, Nifty Media, IT, Auto, and FMCG stocks are weighing down the charts. All other major sectoral indices are also trading on the downside.

At around 1.00 PM, BSE Sensex was trading 63 points lower at 63,079. NSE Nifty was down by 28 points at 18,698.

JSW Steel (+3.09%) is leading the gains on NSE today, followed by NTPC (+2.71%). Power Grid (+2.30%) is trading 2% higher. ONGC (+1.40%), and L&T (+1.23%) are also trading with gains.

Grasim Industries (-2.32%) is weighing down the chart, being the top NSE laggard. Sun Pharma (-1.86%), BPCL (-1.79%), Apollo Hospital (-1.72%), and Kotak Bank (-1.66%) are also falling.

A total of 14 stocks advanced on the nifty index today, while 36 stocks are on the downside.

Following the policy decision, the Indian rupee remained stable, while the benchmark 10-year bond yield rose to 7.01%.