Sensex, Nifty end 4-day winning streak after RBI leaves key rates unchanged
The Sensex closes down 115.13 points at 28,071.93, while the Nifty ends 26.15 points lower at 8,516.90.
Mumbai: The benchmark equity indices ended their four-day winning streak on Tuesday, with IT stocks leading the decline as investors turned cautious after the Reserve Bank of India (RBI) maintained status quo on key interest rates in its monetary policy review.
The RBI, however, said the policy stance remains accommodative.
The decision was in line with expectations: 12 of 13 bankers and economists polled by Mint expected no change in interest rate.
Intra-day, BSE’s 30-share benchmark Sensex fell as much as 1.14%, or 320.94 points, to 27,866.12 points, while the National Stock Exchange’s 50-share Nifty declined as much as 1.11%, or 94.8 points, to 8,448.25 points.
The Sensex closed down 0.41%, or 115.13 points at 28,071.93 points, while Nifty ended 0.31%, or 26.15 points lower, at 8,516.90 points.
“Market had run up as optimists were expecting a rate cut. Also, Parliament logjam, EL Nino impact, and mixed earnings are weighing on the markets," said market analyst Ambareesh Baliga.
“I don’t think there are many reasons for the market to go up," he added.
The number of gainers stood at 1,619 and losers at 1,271 on the BSE.
Hero MotoCorp Ltd and GAIL India Ltd contributed the most to the losses for Sensex. They were down 2.73% and 2.53%, respectively.
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