Closing Bell:Sensex tumbled to a low of 55,502, and ended 1,307 points lower at 55,669 and Nifty plunged 391 points to 16,678
Published On: Wednesday, May 4, 2022 | By: Team KnowMyStock
The Indian markets tanked heavily trades today(4 May 2022) after RBI announced a surprise repo rate hike in an unscheduled meeting. The markets, were, already on tenterhooks awaiting the US Federal Reserve meeting outcome later tonight, wherein a 50 bps rate hike is anticipated. In an unscheduled address, RBI Governor Shaktikanta Das announced that the monetary policy committee has unanimously voted to increase the repo rate by 40 bps to 4.40 percent, adding that the central bank's stance remains accommodative. RBI also raised the CRR limit by 50 bps to 4.5 percent with effect from May 21, which in turn will lead to a withdrawal of Rs 87,000 crore from the system, the governor added.
RBI's sruprise move sent rate sensitive shares into a tailspin dragging down the key benchmark indices. The BSE Sensex tumbled to a low of 55,502, and eventually ended 1,307 points lower at 55,669. The NSE Nifty plunged 391 points to 16,678.
Rate sensitive shares - from sectors such as banking, NBFCs, housing finance, auto, real estate logged heavy losses in trade.
Among the Sensex 30 stocks, Titan, Bajaj Finserv and Bajaj Finance plunged over 4 per cent each. IndusInd Bank, HDFC Bank, Reliance Industries, Asian Paints and Maruti were the other major losers, down over 3 per cent each. PowerGrid Corporation and NTPC, however, ended with gains.
Sectorally, the BSE Consumer Durables index tanked nearly 4 per cent amid supply concerns following a lockdown in China. The Finance, Healthcare, Telecom, Auto, Bankex, Capital Goods, Metal and Realty indices were also down 2-3 per cent each.
Tags: Indian markets BSE Sensex NSE Nifty RBI
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