Markets record broad-based selling as focus shifts to RBI policy; Auto, IT stocks extend losses4 min read 28 Mar 2023, 04:37 PM IST
The next big thing for the Indian market would be RBI's first bi-monthly monetary policy for the financial year FY24. Also, last quarterly results of FY23 will contribute in swaying sentiments. On Tuesday, investors showed cautious tone in Sensex and Nifty 50 ahead of these major events.
Indian markets recorded a broad-based selloff on Tuesday as the focus shifted toward the upcoming RBI policy. Smallcap stocks continue to see a downward slope, while auto and IT stocks extended their losses. Also, bears held the grip of the market amidst a drop in investors' risk appetite and FY23 tax harvesting. Banking stocks maintained a firm ground as merger deals in the US to save failed lenders calm sentiment in this system.
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