Sensex, Nifty End Marginally Lower As RBI Cuts Growth Outlook
(RTTNews) - Indian shares fluctuated before ending marginally lower on Friday as the Reserve Bank of India (RBI) left its key interest rates unchanged for the eleventh straight session but reduced the cash reserve ratio by 50 basis points to boost liquidity. This was the first CRR reduction since March 2020.
The central bank downgraded its real GDP growth outlook for 2024-25 to 6.6 percent from 7.2 percent. The inflation outlook for 2024-25 has been raised to 4.8 percent from 4.5 percent, with Q3 at 5.7 percent and Q4 at 4.5 percent.
Investors also kept a close eye on the latest political developments in France and South Korea and awaited the all-important U.S. jobs report due later in the day that could help decide the Federal Reserve's policy path later this month.
The benchmark S&P Sensex ended down 56.74 points, or 0.07 percent, at 81,709.12 while the broader NSE Nifty index closed at 24,677.80, down 30.0 points, or 0.12 percent, from its previous close.
Among the prominent decliners, IndusInd Bank, HDFC Life, Bharti Airtel, Cipla and Adani Ports fell between 1 percent and 1.5 percent.
On the positive side, Dr Reddy's Laboratories, BPCL, Axis Bank, Bajaj Auto and Tata Motors climbed 1-3 percent.
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