New india strategy, Bank

Indian stock market's benchmark Sensex opened 205 points down on Wednesday as the Reserve Bank of India (RBI) increased the policy repo rate by 50 basis points to 4.9 per cent.The 30 stock S&P BSE Sensex fell 205.27 points or 0.37 per cent to close at 54,902.07 points at 10:30 am.The broader Nifty 50 of the National Stock Exchange fell 53.05 points or 0.32 per cent to 16,363.30 points.There was selling pressure in telecom and healthcare stocks. GTL Infrastructure fell 4.83 per cent to Rs 1.38. Bharti Airtel slipped 1.17 per cent to Rs 677.90. MTNL closed 0.70 per cent down at Rs 21.30.In the Healthcare sector, Metropolis Lab slumped 2.65 per cent to Rs 1551.20. Max Healthcare fell 2.49 per cent to Rs 357.75. NGL Fine-Chem slipped 1.99 per cent to Rs 1838.Only ten out of the 30 stocks that are part of the benchmark Sensex opened in the positive.Top Sensex gainers were NTPC Limited, Tata Steel, and State Bank of India.The Reserve Bank of India (RBI) on Wednesday announced to increase the policy repo rate by 50 basis points to 4.9 per cent, the second hike in five weeks aimed at quelling the inflation.The Monetary Policy Committee (MPC) vote was unanimous and has decided to keep stance withdrawal from accommodative, RBI Governor Shaktikanta Das said in a press conference today.Consequently, the RBI Governor said that the standing deposit facility - the SDF rate - stands adjusted to 4.65 per cent and the marginal standing facility - MSF rate and bank rate - to 5.15 per cent.With the assumption of a normal monsoon, in 2022 and an average crude oil price in the Indian basket of 105 dollars per barrel, the RBI has projected inflation at 6.7 per cent in 2022-23."According to the provisional estimates released by the National Statistical Office on May 31st, India's GDP growth ins 2021-22 is estimated at 8.7 per cent. This level of real GDP in 2021-22 has exceeded the pre-pandemic, i.e., 2019-20 level," Das said.Last month, in its off-cycle monetary policy review the central bank hiked the policy repo rate by 40 basis points or 0.40 per cent to 4.4 per cent. This was the first increase in the policy repo rate in nearly two years. The repo rate is the interest rate at which the RBI lends short-term funds to banks.India's Consumer Price Index (CPI) based inflation surged to an eight-year high of 7.79 per cent in April, above the RBI's 2-6 per cent target band since the beginning of this year.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

New India StrategyFOLLOW

New india strategy, Latest News

New Delhi, June 13 While it was a critical tool in the fight against the burgeoning inflation, this ... ...

Fitch Ratings on Friday lowered India's gross domestic product (GDP) growth forecast for the financial year 2022-23 to 7.8 per cent from its earlier projection of 8.5 per cent announced in March, citing inflationary impacts of the global commodity pr ...

New Delhi, June 10 Lending major Housing Development Finance Corporation (HDFC) has increased its Retail Prime Lending Rate ... ...

Union Minister for Home and Cooperation Amit Shah on Thursday welcomed the important steps announced by the Reserve Bank of India (RBI) to increase credit flow through cooperative banks. ...

The Indian rupee slumped to a new record low of 77.81 against the US dollar on Thursday on persistent selling by foreign institutional investors in the equities markets amid a surge in crude oil prices and rising inflationary pressure. ...

The Reserve Bank of India (RBI) on Wednesday raised inflation forecast for the current financial year to 6.7 per cent from its earlier projection of 5.7 per cent. ...

Reserve Bank of India (RBI) retained the real GDP projection of 7.2 per cent for the year FY 2022-23. ...

Indian stock market's benchmark Sensex opened 205 points down on Wednesday as the Reserve Bank of India (RBI) increased the policy repo rate by 50 basis points to 4.9 per cent. ...