Sensex, Nifty End Modestly Lower As RBI Cuts Repo Rate
(RTTNews) - Indian shares ended slightly lower on Friday as the Reserve Bank of India (RBI) reduced its key interest rates for the first time in nearly five years with an aim to support the slowing economy, which is projected to grow at its weakest pace in four years.
Under the leadership of newly appointed Governor Sanjay Malhotra, the Monetary Policy Committee has reduced the policy repo rate by 25 basis points to 6.25 percent from 6.50 percent, as widely expected. This was the first reduction since May 2020.
The benchmark 30-share BSE Sensex dropped 197.97 points, or 0.25 percent, to 77,860.19 while the broader NSE Nifty index fell 43.40 points, or 0.18 percent, to 23,559.95.
The BSE mid-cap index edged up by 0.1 percent while the small-cap index shed 0.7 percent.
The market breadth was negative, with 2,397 shares declining while 1,524 shares advanced and 143 shares closed unchanged.
TCS, Adani Ports, Britannia Industries, SBI and ITC dipped 1-2 percent while Trent, JSW Steel, Bharti Airtel, ITC Hotels and Tata Steel surged 3-4 percent.
Ola Electric fell 2.4 percent as Q3 loss widened year-on-year.
Aadhar Housing Finance added 1.8 percent on posting healthy Q3 results.
Hyundai Motor India shares rallied 3.6 percent on heavy volumes.
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