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Shares of Indian automobile companies fell on Wednesday after the Reserve Bank of India (RBI) increased its policy rate by 25 basis points. Investors are concerned about the potential impact of higher borrowing costs on vehicle demand. The Nifty Auto index was the worst-performing sector.
Nifty 50 and BSE Sensex fall 0.4% and 0.2% as RBI hikes repo rate by 25 basis points and shifts to “calibrated tightening”; Brent rises toward $101/bbl, with autos and real estate weaker and small-caps up.
The Reserve Bank of India increased its benchmark repo rate by 25 basis points to 5.5%, shifting its policy stance to "calibrated tightening" due to growth and inflation risks. Financial and bank stocks reversed earlier losses, with private banks rising 0.2% and state-owned banks gaining 1%.
Indian shares trimmed losses after the Reserve Bank of India hiked its benchmark repo rate by 25 basis points to 5.5% to counter inflationary pressures, while financial stocks reversed early declines.
(Updates after RBI's policy decision) By Bharath Rajeswaran Oct 7 (Reuters) — Indian shares held losses on Wednesday in a broad-based decline, led by rate-sensitive sectors, afterthe central bank's 25-basis-point hike following persistent inflationary pressures from the Middle East war that forced rate-setters' hands g
Indian shares declined, led by rate-sensitive sectors, ahead of an expected 25 basis point rate hike by the Reserve Bank of India to combat inflation.
* Oil has continued to trend lower during Wednesday's APAC session as talks continue on the sidelines of this week's UN gathering. The fact negotiations are even taking place to facilitate Middle East energy shipments is driving optimism in markets but the situation remains very precarious. UST futures are higher, but