Stock markets close lower on fag-end selling as RBI changes stance to neutral

Image for representational purposes only. | Photo Credit: REUTERS

Benchmark equity indices Sensex and Nifty pared aboriginal gains to settee little connected Wednesday (October 9, 2024) owed to precocious selling successful scale large Reliance Industries, ITC and HDFC Bank adjacent arsenic the RBI took the archetypal measurement towards a complaint chopped successful its monetary argumentation review.

Erasing its aboriginal gains, the 30-share BSE Sensex fell 167.71 points oregon 0.21% to adjacent astatine 81,467.1. During the day, it surged 684.4 points oregon 0.83% to deed an intraday precocious of 82,319.21.

The NSE Nifty dropped 31.20 points oregon 0.12% to extremity astatine 24,981.95. In the intraday trade, it jumped 220.9 points oregon 0.88% to deed a deed of 25,234.05.

The Reserve Bank of India (RBI) kept its cardinal involvement complaint unchanged connected Wednesday but took the archetypal measurement towards a complaint chopped arsenic it eased its comparatively hawkish argumentation stance to 'neutral'.

The monetary argumentation committee, which included 3 RBI officials and an adjacent fig of caller outer members, voted five-to-one to support the benchmark repurchase oregon repo complaint - which governs the involvement complaint of home, auto, firm and different loans - astatine 6.5% for a 10th consecutive argumentation meeting.

Among the 30 Sensex companies, ITC, Nestle India, Hindustan Unilever, Reliance Industries, Larsen & Toubro and HDFC Bank were among the large laggards.

On the contrary, Tata Motors, Tech Mahindra, State Bank of India, Maruti Suzuki India, Bajaj Finance, Axis Bank, Bajaj Finserv and Bharti Airtel were among the gainers.

European markets were trading higher successful mid-session deals.

"An upward revision successful Q3FY25 ostentation reiterates that the sticky ostentation continues to stay a interest for the RBI and led investors to publication nett towards the close. The volatility successful input prices and the interaction connected borderline dragged the FMCG stocks," Vinod Nair, Head of Research, Geojit Financial Services said.

The alteration successful RBI's stance to neutral was favourable and expected, but the commentary is not pointing for a complaint chopped successful the adjacent term, Mr. Nair added.

Foreign Institutional Investors (FIIs) offloaded equities worthy ₹5,729.60 crore connected Tuesday (October 8, 2024), portion Domestic Institutional Investors (DIIs) bought equities worthy ₹7,000.68 crore, according to speech data.

In Asian markets, Shanghai, Hong Kong, and Seoul settled successful antagonistic territory portion Tokyo quoted successful the affirmative territory.

Global lipid benchmark Brent Crude climbed 0.87% to $77.85 a tube successful futures trade.

U.S. markets ended with gains successful overnight deals connected Tuesday.

On Tuesday, the 30-share BSE Sensex roseate by 584.81 points oregon 0.72% to adjacent astatine 81,634.81. The NSE Nifty jumped 217.40 points oregon 0.88% to decorativeness astatine 25,013.15.

Published - October 09, 2024 04:34 p.m. IST