Stock Market Today LIVE: The Indian stock market benchmark indices, Sensex and Nifty 50, traded lower on Wednesday after the Reserve Bank of India’s (RBI) increased repo rate and changed monetary policy stance.
The Sensex traded over 400 points lower, while the Nifty 50 slipped over half a percent to around 22,600 level. The Bank Nifty index was down 0.6%.
Broader markets also reeled under selling pressure, with the Nifty Smallcap 100 and the Nifty Midcap 100 indices trading lower.
Barring Nifty Media, all other sectoral indices were trading in the red, with Nifty Auto, Nifty Metals, Nifty PSU Banks, Nifty FMCG, Nifty IT and Nifty Oil & Gas falling the most.
The RBI raised the repo rate by 25 basis points (bps) to 5.50%, amid concerns over rising inflation, elevated global bond yields, higher crude oil prices, and a broader global shift towards tighter monetary policy. The central bank also changed the policy stance to ‘calibrated tightening’ from ‘Neutral’.
This is the RBI’s first rate hike since February 2023.Â
On the global front, Asian markets traded mixed, while the US stock market ended higher overnight, with the S&P 500 and the Nasdaq posting record closing highs.
Stay tuned to this segment for live updates on the Indian stock market today.
