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Indian stocks fall sharply on hawkish RBI, foreign selling
On Oct. 8, Nifty 50 slid about 1.1% and Sensex dropped roughly 700 points, with the RBI raising the repo rate by 25 bps the prior day.
India’s stock market fell sharply on Thursday, as Nifty was down about 1.1% and the Sensex dropped close to 700 points during intraday trading on Oct. 8.
The declines were linked to several macro pressures, including crude oil price volatility, high treasury bond yields, foreign institutional investor selling, rupee weakness, and the Reserve Bank of India’s policy decision.
The article pointed to the RBI’s hawkish stance as a key driver, noting that the central bank raised the repo rate by 25 basis points on Wednesday, its first hike since February 2023.
At 12:16 pm on Oct. 8, Nifty 50 was trading around 22,359, about 1.08% lower, while BSE Sensex was down about 755 points to 71,883, as investors grew more concerned about liquidity and borrowing costs.
Latest closeWTI crude $89.70 ▼1.6%|Sensex 72,382.47 ▲0.7%