With the decision to keep the repo rate stable in the monetary review policy by the Reserve Bank of India, there has been a stroke in the stock market. The Sensex fell more than 900 points, while the rupee went beyond 74 points. From the morning on the stock exchange, it was speculated that the RBI would increase the 25 basis points in the repo rate, but it did not happen. The rupee is currently at 74.20 against the dollar.
900 points slipping Sensex
Due to no change in interest rates, the market declined and the Sensex broke more than 900 points. The Nifty slipped below 10,300. During the trading, the Sense touched the lowest level of 34,265.07 while the Nifty fell to 10,276.30 levels. During the business, Sun Pharma, IndusInd Bank, Infosys, Yes Bank, TCS, Kotak Bank, L & T, Bharti, Airtel and Tata Motors have gained in the gains. On the other hand ONGC, Reliance Industries, HUL, ITC, SBI, Maruti, Wipro, HDFC Bank have fallen.
76 rupees will be
Ajay Kedia, director of the Kedia Commodity said that the RBI move was unexpected. The market was not in this mood. Inflation is increasing steadily, which should have taken the necessary steps to curb RBI. Now it seems that the rupee can go up to 76. After the announcement of monetary policy by the central bank, the rupee lost 55 paise to a new all-time low of 74.13 per dollar. Concerns about the expulsion of foreign funds and current account deficits among investors, as crude oil prices rise.
Rupee was open at 73.65
Rupee depreciated by 7 paise to 73.65 against the dollar. However, after the initial decline, good recovery has been seen in the rupee. Currently, the rupee is trading at 73.55 level against the dollar. At the same time, the rupee had dropped 23 paise to 73.57 against the dollar in yesterday’s trade.
ONGC’s stock dropped 6%
State-owned ONGC’s share fell 14.5 percent. This is a major drop in stock after October 2012. The government has asked oil marketing companies to reduce prices by Rs 1 a liter, which breaks the stock.