Why Sensex, Nifty Declined After RBI Policy; Britannia, Nestle Top Losers

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by Sandip Das on 8 February 2024,  5 min read

Why Sensex, Nifty Declined After RBI Policy; Britannia, Nestle Top Losers - MyDhanush Blogs by Ashika
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The Indian stock market slipped in the red on February 8, 2024. At 1:30 PM, Sensex was down 514 points at 71,637.60 while Nifty declined 134 points at 21,796.10. Dalal Street expressed disappointment as there was no evident sign of an imminent rate cut.

Around 1064 stocks advanced and 1357 declined while 96 stocks remained.

Among the sectors, Nifty PSU Bank jumped over 3 percent followed by Nifty Media gained 2 percent. On the other hand, selling pressure was witnessed in FMCG, Private Bank and the Auto space.

Top Nifty50 Gainers
Company Name Last Traded Price (Rs) % Change
Power Grid 284.5 6.18
State Bank of India 708.95 4.99
BPCL 622.85 3.45
Coal India 467.2 3.21
Hindalco Industries 602.95 1.81
Top Nifty50 Losers
Company Name Last Traded Price (Rs) % Change
Britannia Industries 4891.95 -3.67
Nestle India 2423.05 -3.06
Eicher Motors 3818.55 -2.78
ITC 413.95 -2.73
Axis Bank 1042.3 -2.51
RBI Policy Updates:

The RBI-led Monetary Policy Committee maintained the key repo rate at 6.5 percent, (watch video here) signaling an ongoing battle against high inflation. This marks the sixth consecutive pause in the last year, with the repo rate unchanged since the April 2023 monetary policy. It was followed by a 250 basis points increase in May 2022 due to moderating inflation. The decision, as expected, had a five-to-one majority for both policy rate and stance.

Also read: Can Fin Homes, Castrol India Top 2 Stocks Which Can Give Up To 19% Return

The CPI inflation forecasts for January-March 2024 have been revised downward from 5.2 percent to 5.0 percent. Similarly, the projections for April- June 2024 also show a reduction in the CPI inflation forecast from 5.2 percent to 5.0 percent.

However, the CPI inflation forecast for July- September 2024 remains unchanged at 4.0 percent. Moving on to the last quarter of 2024, the forecast for October-December indicates a decrease in CPI inflation from 4.7 percent to 4.6 percent. Looking ahead to January-March 2025, the CPI inflation forecast is set at 4.7 percent.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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