Nifty, Sensex dip as RBI maintains interest rates

Stock market update: Equity markets deepened ir losses on Thursday following Reserve Bank of India’s decision to keep interest rates unchanged. central bank’s stance, which was anticipated, reflects its ongoing concern over persistently high food inflation.

By 10:11 am, NSE Nifty 50 index h dropped 0.64 per cent to 24,143.7, while S&P BSE Sensex fell 0.62 per cent to 78,945.26.

Before announcement, both indexes h alrey fallen by approximately 0.3 per cent.

In its ninth consecutive meeting, RBI held key policy rates stey and reaffirmed its 'withdrawal of accommodation' policy due to inflationary pressures, with a particular focus on food prices. Out of 13 major sectors, 11 experienced declines. IT and energy stocks were among hardest hit, each falling around 1 per cent.

Conversely, Tata Motors saw a gain of about 1.6 per cent, making it top performer on Nifty 50. Analysts have noted that its new "Curvv.ev" model could capture market share due to its competitive pricing and superior range compared to or electric vehicles.

(With Reuters inputs)