Sensex Slides 429 Points, Nifty Ends Below 22,650 After RBI Rate Hike
What Happened
Indian markets closed lower on Wednesday after the Reserve Bank of India raised the repo rate by 25 basis points to 5.50% and shifted its stance to "calibrated tightening". The Sensex fell 429 points (0.59%) to 72,638.70, while the Nifty 50 declined 173 points (0.76%) to 22,603.05, snapping a two-day winning streak.
Key Takeaways
Higher interest rates, inflation concerns, elevated crude oil prices and a weaker rupee weighed on sentiment. Auto, metal, realty and IT stocks led the decline, while bank stocks were relatively resilient.