The Reserve bank of India monetary policy where all the MPC members unanimously voted for the status quo on repo-rate and preserved an Accommodative stance.
In addition, the Central bank revised its Gross Domestic Product (GDP) growth forecast to 5% from earlier 6.1% for fiscal 2019-20.
The market players were hoping a rate cut from today’s MPC meet as the Indian economy is experiencing a severe slowdown. As per the latest data, India’s GDP growth was at 4.5%. The RBI has cut interest rates by 135-base points in the last five consecutive meetings.
Reacting to these results, the Indian markets saw a lackluster reaction whereby the Sensex and NSE Nifty slipped into the negative zone from the positive in the morning. For Free stock trading tips and market updates tips visit our website.
Subsequently, the markets are moving between gains and losses. Bank Nifty slipped marginally by 0.15% at 31,932.90. while the PSU bank index went down 1%. Canara Bank, Union Bank and PNB were major losers ins the PSU banking index.
Improving the sentiments, at 1.40-pm, the Sensex picked up at 40954-mark, up 104 points and the Nifty scaled at 12065-mark, up 22 points.