The Reserve Bank of India’s decision to keep rates steady certainly did not go down well with Indian stock market investors. While the S&P BSE Sensex lost 155.89 points (0.59%) to end at 26,236.87, the Nifty 50 closed down 41.1 points (0.5%) at 8,102.05.
“Markets traded cautiously, along the flat line in the first half of trade on Wednesday only to witness a sharp drop after, contrary to market expectations, the Reserve Bank of India (RBI) kept repo rates unchanged at 6.25%,” BNP Paribas Mutual Fund senior fund manager- equities Karthikraj Lakshmanan said.
Sun Pharma was the top loser on Nifty 50, ending down nearly 6% at Rs 664.40 with volumes of over 1.29 crore shares. Other major losers included Bank of Baroda, Axis Bank, Tech Mahindra, Bosch, Bajaj Auto, Lupin and Tata Steel. Eicher Motors led the gainers’ list, ending up 4.6% at Rs 23,490. Other gainers included BPCL, Adani Ports, Idea, HDFC, Hero Motocorp and Tata Motors.
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