Market WRAP: RBI applied brakes to the Nifty rally; Sensex plunged over 200 points as metals and realty take a hit

 Asian Paints, HUL and BPCL emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices closed on a weaker note post RBI meet. The benchmark indices and broader market closed at day’s low after the central bank hiked repo rate by 35 basis points. NSE Nifty 50 index slipped 0.44 per cent to close below 18,600 level while BSE Sensex 30 tanked over 200 points. Nifty Midcap and Nifty Smallcap plunged over half a per cent each.  

Media, realty and metals witnessed strong sell off while FMCG and PSU Banks saw fresh buying interest.  

Asian Paints, HUL and BPCL emerged as the top gainers from the Nifty 50 stocks while NTPC, SBI Life Insurance and Bajaj Finserv were the top losers today.  

Going ahead, global cues are likely to dictate the further trend in the market.

Market update at 2 PM: Indices have been trading lower amid volatility post RBI meet. NSE Nifty 50 index has slipped 0.30 per cent to trade at 18,600 level while BSE Sensex has lost 150 points. Nifty Midcap and Nifty Smallcap have plunged half a per cent each.   

Media and Realty are the top sectors dragging the market whereas strong buying interest is seen across FMCG stocks.   

Meanwhile, stocks that have hit fresh 652-week high levels are Bank of Baroda, Bank of India, HAL, Cummins India, PFC and Varun Beverages Limited.   

From the Nifty 50 stocks, BPCL, L&T and HUL have emerged as the top gainers while IndusInd Bank, Bajaj Finserv and NTPC are the top losers.

Market update at 10.30 AM: RBI MPC, in its latest meeting, has voted 4-2 in favour of hiking interest rates by 35 basis points to 6.25 per cent. The RBI governor said that the central bank remains committed to lower the soaring inflation back to its target levels. He also suggested that the RBI sees changing its monetary policy stance from “withdrawal of accommodation’' and indicates that future rate hikes would be data-dependent. The GDP forecast for FY23 is at 6.80 per cent.

Nifty and Sensex trade marginally higher amid volatility while broader market remains strong.

Market update at 9.30 AM: Indices have been trading on a mixed note at the start of the session. NSE Nifty 50 and BSE Sensex 30 index are trading flat whereas good buying has been seen across midcap and small cap stocks.

FMCG stocks have seen fresh buying interest whereas IT remains weak. India VIX has slipped nearly 1 per cent.

Pre-market update: The wall Street indices edged lower on Tuesday after investors remained sidelined over the hawkish Fed official talks and looming recession. The tech-heavy Nasdaq plunged 2 per cent while Dow Jones tanked 350 points. The Asian markets have followed the Western markets and have opened lower on Wednesday morning. SGX Nifty indicates a loss of 30 points.

Key focus for the day is the RBI MPC meet outcome. The MPC is widely expected to increase interest rates by 35 basis points, but however, it would be the governor's tone and outlook that shall garner all the attention from the investors.

Crude oil prices fell to pre-Ukraine Russia war levels as global recession concern looms. Brent crude plunged over 4 per cent to slip below USD 80 per barrel.

In the last trading session, both the FIIs and DIIs turned net sellers, and sold to the tune of Rs 635 crore and Rs 588 crore respectively.

Nifty is expected to trade with huge volatility amid mixed global cues and the RBI meet outcome.