Sensex down 429 to 72,639 after RBI 25 bps hike
The Indian stock market had a rough Wednesday: Sensex dropped 429 points to 72,639, and Nifty slid 173 points to close at 22,603.
This ended a short winning streak, mostly because the Reserve Bank of India bumped up interest rates by 25 basis points and shared some cautious signals.
Rupee slips to ₹96.78 per USD
The rupee slipped to its lowest in five months at ₹96.78 to the US dollar.
Banking and midcap stocks also fell, with Nifty Bank and Midcap indices both closing lower.
Sectors like NBFCs, small finance banks, realty, and auto took noticeable hits, while housing finance companies and PSU banks managed small gains.
Titan was the biggest loser on Nifty; meanwhile, Kotak Mahindra Bank actually saw its stock rise by 2%.
The dollar index rose, and metal stocks remained under pressure, while paint and airline companies also remained under pressure.