Sensex drops by 155 points, Nifty ends at 8,100 after RBI keeps key rates unchanged
Stock brokers said the indices were also affected by the central bank lowering India’s GDP growth rate to 7.1% from 7.6%.
The Bombay Stock Exchange Sensex dropped by 155.89 points to close at 26,236.87, while the National Stock Exchanged Nifty ended at 8,102.05 on Wednesday. The BSE index recovered marginally after crashing by nearly 228 points soon after the Reserve Bank of India announced that its key rates would remain unchanged.
Banking and realty stocks slumped by 1.91% and 1.34% in the BSE index. Its midcap index fell by 0.60%, while the BSE smallcap index declined by 0.45%. However, 173 stocks remain unchanged, according to Business Standard. HDFC Bank was the top gainer on Sensex with a 1.66% rise in its shares, while Sun Pharma was the biggest loser, with its stocks falling by 6%.
The RBI has kept its repo rate - the rate at which the central bank lends to commercial banks - unchanged. It also lowered India’s GDP growth rate to 7.1% from 7.6%, which which triggered the tumbling down of indices, brokers told PTI.
