STOCK MARKET LIVE: Equity benchmark indices pared gains following the Reserve Bank of India’s 25 basis points repo rate hike. The BSE Sensex was up 350 points to 60,644 , while the NSE Nifty gained 115 points to remain above 17,800 level. RBI governor Shaktikanta Das said the MPC decided to hike the repo rate with a split stance of 4:2, retaining the stance at withdrawal of accomodation. The governor affirmed that core inflation remains sticky and FY24 inflation is likely to remain above the 4 per cent target.
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STOCK MARKET LIVE: Equity benchmark indices pared gains following the Reserve Bank of India’s 25 basis points repo rate hike. The BSE Sensex was up 350 points to 60,644 , while the NSE Nifty gained 115 points to remain above 17,800 level. RBI governor Shaktikanta Das said the MPC decided to hike the repo rate with a split stance of 4:2, retaining the stance at withdrawal of accomodation. The governor affirmed that core inflation remains sticky and FY24 inflation is likely to remain above the 4 per cent target.
The central bank pegged the GDP growth for FY24 at 6.4 per cent, and lowered the inflation forecast to 5.3 per cent. For FY23, the inflation estimate has been lowered to 6.5 per cent versus 6.7 per cent earlier.
Sectorally, the Nifty Auto and Realty indices were the only losers, while IT and Metal indices gained the most by over 1 per cent each.
Among stocks, Bharti Airtel slipped 2 per cent despite a 91 per cent YoY rise in its Q3 net profit. Paytm surged over 6 per cent after Macquaire upgraded the stock to ‘outperform’ from ‘underperform’, and raised the target price to Rs 800 from Rs 450.
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