The market benchmark BSE Sensex shed 98 points, or 0.30% on Wednesday to close at 32,476.74 points after the Reserve Bank of India (RBI) cut repo rate by 25 bps against market expectations of 50bps.
Sensex had touched an all-time high of 32,686.48 (intra-day) in the opening trade. The wider index Nifty50, too, slipped from a record high by falling 33 points to close at 10,081.50 points.
The gauge had touched a fresh high of 10,137.85 this morning.
RBI’s decision to lower policy rate to 6% has failed to boost sentiments of traders. The interest rate is now at a 6-year low. They added that no change in cash reserve ratio (CRR) too had a bearing.
Sensex closed lower by 98 points, or 0.30%, to 32,476.74, while the Nifty 50 fell 33 points, or 0.33%, to 10,081.50. NTPC, Adani Ports, Hero MotoCorp and Reliance Industries were among the major gainers while major losers were Tata Motors, ONGC and DrReddy’s Labs on BSE.
The banking index, however, was marginally up by 0.14% as shares of state-run SBI rose 0.24%, Axis Bank 0.77% and ICICI Bank 0.25%. However, the BSE realty index was 0.27% down while auto shed 0.16%. Here are the latest updates and developments from the markets.