Stock market LIVE updates: After extending losses briefly, the markets turned positive after the Reserve Bank of India (RBI) retained the GDP growth forecast at 7.2 per cent. It, however, hiked the key repo rate by 50 bps to rein in inflation. This was the second raise in a row this year, which came in-line with Street’s expectations.Â
With this, the repo rate now stands at 4.9 per cent, up from 4.4 per cent. RBI Governor Shaktikanta Das added that the MPC has decided unanimously to keep policy stance ‘withdrawal of accommodation’.
The BSE Sensex was up 190 points to 55,298 and the NSE Nifty50 was up 59 pts to 16,476.
On the inflation front, the central bank raised consumer price (CPI) or retail inflation forecast for FY23 to 6.7 per cent from 5.7 per cent.
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Sectorally, Banks, Financials, Metals, PSBs and Realty indices held nominal gains on the Nifty. While, Auto, IT, Pharma, FMCG and Consumer Durables were the top losers, down up to a per cent. Â
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