D-Street Extends Losses to Day 3 Ahead of RBI Policy Outcome, India VIX Surges

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D-Street Extends Losses to Day 3 Ahead of RBI Policy Outcome, India VIX Surges
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market witnessed selling for the third consecutive session on Tuesday, a day ahead of the RBI’s December monetary policy outcome.

The equity benchmark indices Nifty50 ended 0.31% lower below the 18,650 mark, while Sensex slipped 0.33% or 208.24 points, with the pressure exerted from IT, metal and pharma stocks, while PSU banking and FMCG stocks provided support to the market.

All eyes have turned towards the RBI’s policy meeting announcement due on Dec 7, with analysts widely expecting a 25-35 bps interest rate hike by the central bank amid easing food prices, falling commodity prices and lowering of inflation in both India and the US.

On the sectoral indices front, all indices except Nifty PSU Bank and Nifty FMCG ended in the red. Nifty IT tanked 1.45%, while Nifty PSU Bank jumped 1.26% and recorded a fresh 52-week high on Tuesday. Nifty Bank ended 0.45% lower.

The market volatility barometer India VIX gained 2.25% to 14.04, while the Indian rupee fell to its lowest peak in over two months amid prospects of dollar outflows after concerns of the Federal Reserves raising interest rates aggressively rose following a better-than-expected US services industry activity in November 2022. 

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