In­dian eq­uity mar­kets fall de­spite RBI rate cut

Muscat Daily - - BUSINESS -

Mum­bai, In­dia - De­spite the RBI’s de­ci­sion to re­duce key lend­ing rates, neg­a­tive global cues, along with profit book­ing de­pressed the In­dian eq­uity mar­kets which closed in the red on Wed­nes­day.

The Re­serve Bank of In­dia in its third bi-monthly mone­tary pol­icy re­view of 2017-18 an­nounced that the re­pur­chase rate, or the short-term lend­ing rate for com­mer­cial banks on loans taken from it, stands low­ered to six per cent from 6.25 per cent.

Be­sides, broadly neg­a­tive Eu­ro­pean mar­kets and heavy sell- ing pres­sure in cap­i­tal goods, IT and FMCG stocks sub­dued in­vestors’ sen­ti­ments.

The wider Nifty50 of the Na­tional Stock Ex­change (NSE) fell by 33.15 points, or 0.33 per cent, to pro­vi­sion­ally close at 10,081.5 points. The 30-scrip Sen­si­tive In­dex (Sen­sex) of the BSE, which opened at 32,641.58 points, closed at 32476.74 points - down 98.43 points, or 0.3 per cent, from its pre­vi­ous close at 32,575.17 points.

The BSE mar­ket breadth was bear­ish with 1,595 de­clines and 1,063 ad­vances.

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