Mumbai, Aug 6
Following the Reserve Bank of India's (RBI) decision on Wednesday to maintain the repo rate at 5.50 per cent, the benchmark index Nifty 50 experienced a slight decline, falling below the 24,600 resistance level.
The Nifty 50 was trading at 24,569 as of 10.54 am, after an intraday decline of 0.33 per cent, while the Sensex stood at 80,473, down 0.29 per cent. Prior to the Monetary Policy Committee's decision, Nifty and Sensex were down 0.08 per cent and 0.07 per cent, respectively.
Apart from the monetary policy decision, the overarching influence on the market will be US President Donald Trump’s tariff announcements, according to experts.
The Nifty IT index extended its losses to a 1.57 per cent decline during the morning hours of trading. Nifty Pharma lost 1.26 per cent and Nifty Realty declined 2.26 per cent.
Among the IT stocks, Coforge was the biggest loser down 3.49 per cent. All other major IT stocks lost 1 to 2 per cent.
The RBI monetary policy committee (MPC) unanimously decided on August 6 to keep the repo rate unchanged at 5.5 per cent while sticking to the “neutral” monetary policy stance.