Rate-sensitive stocks slip post RBI policy decision
Updated : June 06, 2019 02:58 PM IST
Indian equity benchmark indices extended losses on Thursday after the Reserve Bank of India announced its monetary policy decision. The RBI's Monetary Policy Committee has cut the key repo rate by 25 basis points for the third consecutive time to 5.75 percent and changed the stance to 'accommodative' from 'neutral'.
The BSE Sensex plunged over 450 points or 1.16 percent at 39,621.32 while Nifty50 tanked 134.65 points or 1.34 percent at 11,860.20. Nifty Media remained the worst performer of the day, down 2.58 percent.
Rate sensitive sectors like the auto, real estate, banks and financial services, are in the negative territory. Nifty Auto was trading lower by 0.94 percent dragged by M&M, MRF and Ashok Leyland. Nifty PSU Bank index was trading the lowest, by 4.18 percent on the back of major losses in Syndicate Bank, Bank of Baroda, Allahabad Bank, Union Bank and others.