RBI rate hike, PMI data subdue equity indices (Third Lead)
Wednesday - August 1, 2018 4:42 pm ,
Category : BUSINESS
RBI rate hike, PMI data subdue equity indices (Third Lead)
Mumbai Aug 1 (IANS) The domestic equity indices retreated from their record levels on Wednesday to settle in the red after the Reserve Bank of India increased its key lending rate.
The RBI has raised its key benchmark lending rate by 25 basis point to 6.5 per cent in its third monetary policy review of 2018-19.
Besides the RBI rate hike a decline in the manufacturing sector macro-economic data -- Nikkei India Manufacturing PMI -- also dampened investors sentiments.
According to market analysts heavy selling pressure was witnessed in auto and banking stocks.
At 3.30 p.m. the wider Nifty50 on the National Stock Exchange provisionally closed at 11 346.20 points lower by 10.30 or 0.09 per cent from its previous close. It had touched an all-time high of 11 390.55 points earlier in the day.
The barometer S&P BSE Sensex which had opened at 37 643.87 points closed at 37 521.62 points lower by 84.96 points or 0.23 per cent from its previous close of 37 606.58 points. It touched a fresh intra-day high of 37 711.87 points and a low of 37 432.91 points.
The top gainers on the BSE were Coal India Tata Consultancy Services Sun Pharma ITC and Power Grid while Vedanta Maruti Suzuki Bharti Airtel ICICI Bank and Tata Steel lost the most.
--IANS rrb-rv/sed
The RBI has raised its key benchmark lending rate by 25 basis point to 6.5 per cent in its third monetary policy review of 2018-19.
Besides the RBI rate hike a decline in the manufacturing sector macro-economic data -- Nikkei India Manufacturing PMI -- also dampened investors sentiments.
According to market analysts heavy selling pressure was witnessed in auto and banking stocks.
At 3.30 p.m. the wider Nifty50 on the National Stock Exchange provisionally closed at 11 346.20 points lower by 10.30 or 0.09 per cent from its previous close. It had touched an all-time high of 11 390.55 points earlier in the day.
The barometer S&P BSE Sensex which had opened at 37 643.87 points closed at 37 521.62 points lower by 84.96 points or 0.23 per cent from its previous close of 37 606.58 points. It touched a fresh intra-day high of 37 711.87 points and a low of 37 432.91 points.
The top gainers on the BSE were Coal India Tata Consultancy Services Sun Pharma ITC and Power Grid while Vedanta Maruti Suzuki Bharti Airtel ICICI Bank and Tata Steel lost the most.
--IANS rrb-rv/sed
