The results of the meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India have come. In this meeting, the central bank lowered the GDP growth estimate for the current financial year. After this decision of the bank, there was a big fall in the stock market. At the end of the business, the Sensex fell 286 points and closed at the level of 36 thousand 690.
Similarly, the Nifty fell 110 points to 10,838.75. Earlier in the initial business too, the market looked dull. Let us know that on Tuesday, the Sensex had closed at the level of 36,977 with a gain of 277 points. While the Nifty rose by 85.65 points to the level of 10 thousand 948.
If you talk about the shares, Mahindra fell by 6% in the BSE index. Similarly, Tata Steel shares fell by 5.70 per cent. While shares of Tata Motors, SBI, Vedanta, Axis Bank, ITC, Reliance, L&T and Maruti also closed down by more than 1 per cent. On the other hand, HUL gained 1.95 per cent. Apart from this, the shares of Yes Bank, Hero MotoCorp, Sun Pharma, Tech Mahindra, Infosys, Powergrid also closed on the green mark.
Let us tell you that the RBI announced the decisions of the Monetary Policy Committee (MPC) meeting on Wednesday. RBI has reduced India's GDP estimate to 6.9 percent for the financial year 2019-20. The GDP was earlier estimated to be 7 per cent for the current financial year.
Giving this information, RBI Governor Shaktikanta Das said, "RBI's understanding that the slowdown in growth rate is due to its cyclical effect, not the fundamental reason. However, he expected growth to pick up in the second half. In the meantime, the downward trend in the rupee continues. On Wednesday, the rupee fell 12 paise to 70.93 per dollar in early trade. Please tell that the rupee closed at Rs 70.81 per dollar on Tuesday.
