Indian stocks settled lower on Thursday in line with weakness in the US markets, which declined sharply overnight as the US Federal Reserve went ahead with its further monetary policy tightening to bring down inflation to its target even as volatility in the banking system continued due to r
Indian stocks opened largely steady on Wednesday, but volatility seems to have remained. At the time of writing this report, the benchmark indices Sensex and Nifty were about 0.1 per cent lower each.
At 9.23 am, Sensex traded at 60,338.82 points, up 529.85 points or 0.89 per cent, and Nifty traded at 17,747.15 points, up 152.80 points or 0.87 per cent.
The benchmark stock indices extended their losses from the past week in line with weak fundamentals in US markets, which saw its sharpest weekly decline of 2023.
The critical indices of the domestic market -- BSE Sensex went up 335 points to 61,610.20 while Nifty gained 94 points to 18,113.15 on Thursday morning.
Key indices of the domestic market Sensex lost 120.88 points to 60,542.91 while Nifty declined 52 points to 17,817.65. Gainers on Sensex were Bajaj Finance, Larsen and Toubro, Infosys, TCS and Power Grid while Tata Motors, UltraTech Cement, Bharti Airtel and Maruti were some of the laggards.
In the just concluded three-day monetary policy committee meeting, the RBI decided to raise the repo rate, the rate at which the RBI lends money to all commercial banks, by 25 basis points to 6.5 per cent.
The domestic stocks in opening trade also seemed to have recovered from last week's losses when shares of the Adani Group firms suffered a rout and the outcome dragged on the stock key indices, namely Sensex and Nifty.
The group entities made scheduled coupon payments on outstanding US dollar-denominated bonds on Thursday, according to Reuters' source with direct knowledge of the conglomerate's strategy.