Sensex sinks 294 pts as RBI keeps repo rate unchanged, Nifty nears 18,600

CLOSING BELL, JUNE 8, 2023: Sun Pharma, Kotak Bank, Tech M, M&M, Axis Bank, HUL, Tata Motors, TCS, Nestle India, and Bajaj twins dropped between 1 per cent and 3 per cent

Sensex sinks 294 pts as RBI keeps repo rate unchanged, Nifty nears 18,600

Stock market highlights: Equity indices ended sharply lower on Thursday as weekly F&O expiry and profit booking post the Reserve Bank of India's monetary policy decision put pressure on the indices. The S&P BSE Sensex tumbled 294 points to 62,849 levels, while the Nifty50 ended below the 18,650-level at 18,635, down 92 points.

ALSO READ: Repo rate unchanged at 6.5%, RBI cuts FY24 inflation projection

Sun Pharma, Kotak Bank, Tech M, M&M, Axis Bank, HUL, Tata Motors, TCS, Nestle India, and Bajaj twins dropped between 1 per cent and 3 per cent.

In the broader markets, the BSE MidCap index fell 0.87 per cent, while the BSE SmallCap index slipped 0.47 per cent. The selling was seen across the board with all except the Nifty Metal index closing up to 1.6 per cent lower.

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4:16 PM

COMMENT:: RBI's revised inflation projections fails to meet Street expectations

"Investor sentiment took a downturn following the in-line monetary policy announcement by the RBI, as the market had higher expectations for a more optimistic revision in the inflation outlook, taking into account the recent easing of inflation data. The RBI's decision to lower the inflation rate by only 10 bps suggests a cautious stance due to geopolitical uncertainties, potential impact of El Nino and increase in Minimum Support Price."

- Vinod Nair, Head of Research at Geojit Financial Services

4:16 PM

VIEW:: Bias to remain sideways-to-positive as long as Nifty holds 18,600

"The Nifty index experienced periods of selling pressure throughout the day. Despite this, the Put writers were successful in preventing the index from falling below the 18,600 level. If the Nifty manages to stay above this level, the trend is likely to remain sideways to positive. However, there is resistance observed at the 18,800-18,900 levels on the higher end."

- Rupak De, Senior Technical Analyst at LKP Securities

4:15 PM

VIEW:: Key support for Bank Nifty seen at 43,700

"Following the RBI policy, the Bank Nifty index experienced persistent selling pressure around the 44,500 level. In terms of support levels, the index has a support level positioned at 43,700. This level is crucial as a breach below it could intensify the selling pressure in the market. A breach below this support level might indicate a further downside potential and could attract additional selling interest from traders and investors. The index is stuck in a range and a break on either side will have directional move."

- Kunal Shah, Senior Technical Analyst at LKP Securities

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