Domestic equity market benchmark BSE Sensex and nifty Each of the 50 declined 0.4 per cent on Wednesday after the RBI hiked the repo rate. The BSE Sensex ended 215 points or 0.4 per cent lower at 54892, while the Nifty 50 index ended 60 points or 0.4 per cent lower at 16356. Tata Steel, State Bank Of India (SBI), Dr Reddy’s Laboratories, TCS, Titan Company, Bajaj Finance, Maruti Suzuki were the top index gainers. In contrast, Bharti Airtel was on top, followed by ITC, Reliance Industries Limited (RIL), Asian Paints, Axis Bank, ICICI Bank among others.
In the broader market, BSE Midcap and Smallcap indices also ended with marginal losses. Width was also a slight negative. Sector-wise, the BSE Telecom index lost 1.6 per cent. Energy and FMCG indices fell one per cent each. On the positive front, the BSE Realty index rose nearly 2 per cent.
Among other individual stocks, MRPL rose over 9 per cent. The stock is trading at its highest level since October 2018 and has more than doubled in the past two months.
Bata India slipped 2.5 per cent as the promoter company recently disinvested 3.6 million shares or 2.8 per cent stake of the footwear company through open market transactions for around Rs 613 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “RBI rolled back its accommodative stance, realizing the need for front-loaded action and raising the inflation forecast by 100 bps to 6.7% as realistic. On the bright side, there were some positive points such as no increase in CRR, economic growth was kept healthy at 7.2% and no additional measures were announced to infuse the liquidity of the banking system. However, the focus shifted to the global market, it said next week, which is expecting a bullish Fed policy.
global signal
European shares fell on Wednesday, quickly wiping off early gains as Credit Suisse fell nearly 6 percent after a profit warning hit banks, while falling metal prices weighed on miners. The pan-European STOXX 600 index, which rose up to 0.3 per cent tracking a rally in global equities, was down 0.1 per cent by 0721 GMT. Banks fell 1 per cent as Credit Suisse said it was likely to see group-wide losses in the second quarter, in another blow to the troubled lender.
Tokyo shares opened higher on Wednesday, tracking Wall Street rallies with a cheaper yen giving some support to exporters. The benchmark Nikkei 225 index was up 0.61 per cent or 169.99 points at 28,113.94, while the broader Topix index was up 0.45 per cent or 8.71 points at 1,955.74.
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