Side effect of raising the repo rate of the Reserve Bank: Sensex of the stock market fell 1,306.96 points

Pankaj Prasad
Pankaj Prasad 04/05/2022 21:34 IST
Reserve Bank of India, Repo Rate increased, share market, Repo Rate, Monetary Policy Committee, BSE, Sensex

The Sensex of the stock market opened at 57,124.91 points today and at one point reached 57,184.21 points.

After the announcement of an increase in the Repo Rate of the Reserve Bank of India, there was a big fall in the domestic stock market on Wednesday afternoon trading. Sensex fell 1,306.96 points. The 30-share BSE Sensex fell 1306.96 points or 2.29 percent to 55,669.03 in afternoon trade. The Nifty of the National Stock Exchange also closed at 16,677.60, down 391.50 points or 2.29 percent.

Stock market recovered after a dive

The Sensex of the stock market opened today at 57,124.91 points and at one time reached 57,184.21 points. This was the highest level in the market today. As the Reserve Bank (RBI) raised the key policy rate repo by 0.40 percent to 4.40 percent, the Sensex took a huge dive. After falling to 55,501.60 points, the stock market recovered and finally closed at 55,669.03 points.

RBI hikes repo rate to control inflation

The Nifty opened at 17,096.60 in the morning and after going to the highest level of 17,132, the Nifty started declining. After all, the Nifty closed at 16,677.60 points after going down to a low of 16,623.95 points. The central bank has taken the step of increasing the repo rate mainly to control the rising inflation.

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In the meeting of the Monetary Policy Committee (MPC), all the six members unanimously decided to increase the policy rate. Among the Sensex companies, Bajaj Finserv, Bajaj Finance, Titan, HUL, RIL, Asian Paints and HDFC Bank were among the losers. On the other hand, shares of PowerGrid, Kotak Mahindra Bank, NTPC, Infosys and Wipro were trading in gains.

Category: Business

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