Sensex falls 215 points, Nifty below 18,600 amid volatility after RBI rate hike

Sensex falls 215 points, Nifty below 18,600 amid volatility after RBI rate hike

The Indian equity market continued to remain under pressure for the fourth straight session on December 7 after the Reserve bank of india raised the interest rate  for the fifth consecutive time in this calendar year, continuing its fight against inflation.

At close, the Sensex was down 215.68 points, or 0.34 percent, at 62,410.68, and the Nifty was down 82.30 points, or 0.44 percent, at 18,560.50.

The RBI’s monetary policy committee hiked the key repo rate by 35 bps as expected to 6.25 percent and maintained the stance at “withdrawal of accommodation”.

The market started on a cautious note ahead of the meeting and slipped into negative terrain after the policy announcement to remain rangebound through the session. Last-hour selling pushed the indices to near the day’s low.

“As the economy deals with the global headwinds, the RBI has become more realistic, lowering FY23 GDP growth forecast from 7 percent to 6.8 percent,” said Vinod Nair, Head of Research at Geojit Financial.

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