The RBI’s MPC meeting was held from Aug 6 to Aug 8. Governor Shaktikanta Das of the Reserve Bank of India (RBI) declared today that the bank has maintained the benchmark interest rate at its current level for the ninth consecutive month.
The six-member Monetary Policy Committee (MPC), led by Mr. Das, maintained the 6.5 per cent repo rate at its current level. The committee, which consists of three members from the RBI and three outsiders, decided to maintain the policy rate by a vote of 4 to 2.
Following three days of deliberations that started on Tuesday, the RBI’s rate-setting panel made its announcement.
— ReserveBankOfIndia (@RBI) August 8, 2024
Market Reactions
The broader market didn’t seem so excited after the decision to keep the repo rate at its current level of 6.5 per cent was made public.
The BSE (Bombay Stock Exchange) Sensex was trading at 79131.61 points at 10.55 am. The index opened at 79,420.49 levels and saw a meager decline of 0.45 per cent on the Indian bourses.
The Nifty was trading around 24205.95 points with a slight downside of 0.42 per cent amounting to a move of 142 points in negative territory.
Top gainers
The top gainers on the BSE were Symphony, ITD cementation, and BASF.
Symphony Ltd. spiked over 16 per cent on Dalal Street at 10.50 a.m.; the stock was trading over Rs 1739.10 per share, on the Bombay stock exchange.
Symphone. Ltd. had touched a 52-week high price of Rs Rs 1,724.40 per share on the Indian bourses.
BASF
The shares of BASF India, the Indian arm of the German chemical giant, gained over 14 per cent touching a day high of Rs 7,949.90 per share on the Bombay stock exchange.
RBI Repo Rate Unchanged At 6.50%; Maintains ‘Withdrawal Of Accommodation Stance’
The stock has also broken its previous all-time high level of Rs 6,933.15 and recorded a new life-time high levels of Rs 7,949.90 on the Indian bourses today at 10.45 am
