Indian shares fall after RBI rate pause, US tariff threat
The Nifty 50 (.NSEI), opens new tab fell 0.31% to 24,574.20, while the BSE Sensex (.BSESN), opens new tab lost 0.21% to 80,543.99.
While reiterating that the domestic economic outlook remained "bright" despite global trade challenges, the RBI held rates steady, as expected, and retained its policy stance at "neutral" following a surprise 50-basis-point cut in June.
"Even with inflation at lower levels, RBI chose to remain watchful rather than supportive. That silence on future easing took the steam out of rate expectations," said Nikunj Saraf, chief executive at Choice Wealth.
Fourteen of the 16 major sectors logged losses. Rate-sensitive sectors such as realty(.NIFTYREAL), opens new tab lost 1.5%, while consumer (.NIFTYFMCG), opens new tab and auto (.NIFTYAUTO), opens new tab indexes fell 0.9% and 0.5%, respectively. High-weight financials (.NIFTYFIN), opens new tab were little changed.
Amid U.S. tariff-related growth concerns, the RBI stuck to a cautious stance which is likely its best option, three analysts said.
"The RBI appears acutely aware that the downside risks to growth from U.S. tariff spillovers are not yet fully priced in," said Arsh Mogre, economist at PL Capital.
U.S. President Donald Trump said on Tuesday he would raise tariffs on Indian imports from the current rate of 25% "very substantially" within 24 hours over continued Russian oil purchases.
IT (.NIFTYIT), opens new tab and pharma (.NIPHARM), opens new tab stocks, which derive a significant share of revenue from the U.S., fell 1.7% and 2%, respectively.
The broader small-cap (.NIFSMCP100), opens new tab and mid-cap (.NIFMDCP100), opens new tab indexes fell 1.1% and 0.8%, underperforming the benchmarks due to their higher exposure to the domestic economy and borrowing costs.
Among individual stocks, biscuit maker Britannia (BRIT.NS), opens new tab lost 4.1% after quarterly profit miss while Bharti Airtel's unit Bharti Hexacom (BHAX.NS), opens new tab lost 2.8% on weaker earnings.
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Scottish Sun
4 hours ago
- Scottish Sun
I stayed at the boutique Manchester hotel built into a shipping warehouse with Indian restaurant and very cosy rooms
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