RBI governor Raghuram Rajan’s surprise repo rate cut on Wednesday pushed the Sensex above the psychological 30,000 mark for the first time, and the Nifty past 9,100 in early trade. However, profit-booking at higher levels and sustained selling across sectors, mainly due to weak global markets, pulled the indices down at close, snapping a four-day post-budget rally.
The Sensex hit an all-time high of 30,024.74 in opening trade, but fell to the day’s low of 29,289.05, before closing at 29,380.73, down 213 points, or 0.72%.
The Nifty also rose to a new high 9,119.20, before ending at 8,922.65, down 73.60 points, 0.82%.
In line with equities, the rupee also slipped by 33 paise to close at 62.25 against the dollar amid Rajan’s comment that an “excessively strong rupee” triggers disinflationary pressures.
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