Politics
Indian Markets Decline as RBI Keeps Rates Steady; Sensex Drops 166 Points

Indian benchmark indices fell for the second consecutive session on August 6, 2023, driven by volatility in the wake of the Reserve Bank of India’s (RBI) decision to maintain key interest rates. The RBI’s monetary policy committee opted for a ‘neutral’ stance, keeping the repo rate unchanged.
At the close of the trading day, the Sensex was down by 166.26 points, or 0.21 percent, finishing at 80,543.99. The Nifty also experienced a decline, dropping 75.35 points, or 0.31 percent, to settle at 24,574.20. Both the BSE midcap and smallcap indices fell by 1 percent each, reflecting broader market weakness.
Sector Performance and Notable Stocks
All sectoral indices, with the exception of Public Sector Banks, which rose by 0.6 percent, ended in the red. The Information Technology, Media, Realty, Pharma, and Fast-Moving Consumer Goods sectors each saw declines ranging from 1 to 2 percent.
Among the major losers on the Nifty were companies like Wipro, Sun Pharma, Jio Financial, IndusInd Bank, and Tech Mahindra. In contrast, notable gainers included Asian Paints, HDFC Life, Trent, Adani Ports, and Bharat Electronics.
In stock-specific movements, shares of Divis Lab fell by 4 percent despite reporting a 27 percent increase in Q1 profits. CCL Products saw its shares drop by 5 percent as profits increased marginally. Raymond Realty shares declined by 9 percent despite a significant 121 percent surge in consolidated profits for Q1.
Market Highlights and New Listings
More than 100 stocks reached their 52-week highs on the BSE, showcasing resilience in certain sectors. Notable companies achieving this milestone included Godfrey Phillips, Sarda Energy, and Fortis Healthcare.
In terms of new listings, shares of NSDL closed with a 6 percent gain, reaching Rs 936 after debuting at a premium of 10 percent over its issue price. Similarly, Sri Lotus Developers rose by 10 percent to close at Rs 196.85, marking a robust market debut with a premium close to 19 percent over its issue price.
As the market adjusts to the RBI’s policy decisions, investors remain cautious, reflecting on both global and domestic economic signals. The continuing trends in various sectors will be pivotal as analysts gauge the market’s trajectory in the coming weeks.
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