Indian shares were flat today as RBI kept the repo rates unchanged at 6.50%. IT stocks dropped amid fog around US interest rate cuts. Sensex closed at 74,248 while Nifty ended at 22,525.
US-rate-sensitive IT stocks dropped up to 1.2% as comments from the Federal added to worries that the US central bank could delay rate cuts.
Sector-wise and broader markets:
Domestic rate-sensitive realty stocks climbed up to 4.3% and were the top sectoral gainers. Nifty Smallcap100 and Nifty Midcap100 rose 0.8% and 0.5%, respectively.
HDFC Bank gained 1.4%, while Kotak Bank was the Sensex top gainer with a rise of 2.1%.
Stocks in news
Real estate developer Puravankara rose 5% after posting its highest-ever annual sales in fiscal year 2024. Non-bank lender Aavas Financiers rose 10% on a strong business update.
Globally shares retreated as geopolitical tension kept crude oil above $90 a barrel ahead of U.S. payroll numbers. hawkish central bankers raised doubts about the pace and timing of interest rate cuts
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.45%, Tokyo’s Nikkei fell 2%, while Hong Kong’s Hang Seng Index edged down 0.6%.
The Indian rupee rose due to dollar sales from foreign and state-run banks after the Indian central bank kept rates unchanged. The rupee closed at 83.2950 against the U.S. dollar.
