1. Indian markets closed lower after RBI kept the repo rate unchanged at 6.5% and maintained its hawkish stance due to persistently high food inflation. Sensex fell 581 points and closed at 78,886, while the broader Nifty declined 180 points and ended at 24,117.
2. After the RBI policy decision, rate-sensitive sectors such as finance and auto closed marginally lower, while real estate ended 1.2% lower.
3. Gainers and losers: From the Sensex stocks, Asian Paints, JSW Steel, Infosys, L&T, and UltraTech Cement closed in the red, while Tata Motors, Bharti Airtel, ITC and IndusInd Bank closed in the green.
4. Stocks in news
Suzlon Energy was up 5%. The stock has rallied 33% ever since it posted impressive growth in its consolidated net profit – Rs 302 crore for Q1, a 200% year-on-year increase.
HDFC Bank shares closed 1% higher after several brokerages said the private lender had an edge in terms of retail asset quality.
RVNL shares dipped 4.7% after the company reported a fall of 35% YoY in its PAT
5. Expert view
As per Aditya Gaggar, Director of Progressive Shares, “The Index is oscillating in a wide range where the downside seems to be protected at 23,965
(near 50DMA) while the higher side is capped at 24,330 (bearish gap zone) and a breakout on either side is a must for a clear picture.”
