Indian stock markets performed poorly on Friday, despite the Reserve Bank of India cutting the repo rate, or the interest rate at which it lends to commercial banks, from 5.40% to 5.15%. The BSE Sensex lost 433.56 points to close at 37,673.31, while the National Stock Exchange Nifty 50 declined 139.25 points to finish at 11,174.75.
Friday’s decline means the Sensex has lost more than 1,300 points over the last five trading days, Mint reported. Ajit Mishra, vice president for research at Religare Broking, told the newspaper that the RBI’s decision to lower the Gross Domestic Product growth rate forecast to 6.1% led to a sharp decline in the markets on Friday.
Oil and Natural Gas Corporation, Infosys and Tata Consultancy Services were the top three gainers on both indices. The other top gainers on the Sensex were NTPC and IndusInd Bank, and on the Nifty 50, these were Tech Mahindra and IndusInd Bank.
The biggest losers on the Sensex were Kotak Mahindra Bank, ICICI Bank, HDFC Bank, Tata Motors and Larsen & Toubro. The stocks that declined the most on the Nifty 50 were Zee Entertainment, UltraTech Cement, Grasim, Titan Company and Kotak Mahindra.
The Indian rupee closed at 70.88 against the United States dollar on Friday, unchanged since Thursday.
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