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Market retreats from record post RBI rate cut

Mumbai: The Sensex on Wednesday slipped from life highs to end over 98 points lower at 32,477 after two straight record-setting sessions as RBI’s decision to lower the policy rate to 6 per cent failed to cheer investors.

The broader Nifty also slipped from record by falling 33.15 points at 10,081.50 as investors took profit at record levels.

Brokers said the decision to lower the policy rate to 6 per cent was largely in line with market expectations.

This is the first rate cut since October 2016 and the interest rate is now at a 6-year low.

They added that no change in cash reserve ratio (CRR) too had a bearing.

The 30-share flagship index, which had retreated from record highs in late morning trade, slipped to a low of 32,394.89 post the RBI policy announcement before ending down 98.43 points, or 0.30 per cent, at 32,476.74.

The wider index Nifty scaled fresh new peak of 10,137.85 at the outset breaching its previous record of 10,128.60 touched on Tuesday.

However, it slipped to a low of 10,054.20 and settled down 33.15 points, or 0.33 per cent, at 10,081.50. Sectoral performance was mixed.

PTI