RBI Keeps Rates Unchanged as Crude Oil Prices Fall
The Indian stock market indices, Sensex and Nifty, traded in mixed directions on Wednesday after the Reserve Bank of India (RBI) kept key interest rates unchanged for the third time this financial year.
The RBI's decision to retain the short-term lending rate or repo rate at 5.25% with a neutral stance was expected, considering uncertain energy prices and supply disruptions caused by the ongoing West Asia crisis.
However, the stock market reacted positively to falling crude oil prices, with Brent crude trading 0.79% lower at USD 78.72 per barrel.
The Sensex pack saw Mahindra & Mahindra, UltraTech Cement, Trent, State Bank of India, InterGlobe Aviation, and Larsen & Toubro as major winners, while Bharat Electronics, Tata Consultancy Services, Sun Pharma, and Reliance Industries were among the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,446.47 crore on Tuesday, according to exchange data.