RBI MPC Meeting Commences Today, Stock Market Remains in the Red

Stock Markets Attempt Recovery, Sensex Inches Over 73,900, Nifty Up By 11 Points

In a volatile trading session on Wednesday, the stock markets attempted a recovery rally after opening in the red. The BSE Sensex stood at 73,918.54, trading marginally higher by 15 points, while the NSE Nifty50 reached 22,464.35, inching up by about 11 points as of 10:25 AM.

The markets had started the day on a negative note, with both key equity benchmarks, Sensex and Nifty, trading lower. The BSE Sensex had slid over 280 points to reach 73,622.73, while the NSE Nifty50 had plunged almost 100 points to hit 22,360.15.

As the trading session progressed, the indices managed to recover slightly from the initial losses but remained in the red. The BSE Sensex slipped about 227 points to trade at 73,676.53, while the NSE Nifty50 inched more than 50 points lower to reach 22,395.25 by 9:59 AM.

The previous trading session had seen the equity benchmarks breaking their three-day winning streak and settling lower amidst volatility. The Sensex had closed down by more than 100 points at 73,902, while the Nifty had ended the session marginally lower at 22,453, slipping about 9 points.

The markets are closely watching the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting, which began on Wednesday to discuss fiscal policy and key rates going forward. Experts believe that the central bank is likely to maintain the status quo on rates, considering the current economic conditions and uncertainties in the global supply chain. Governor Shaktikanta Das is expected to reveal the outcome of the meeting on interest rates on Friday.