Sensex dips 132 points as RBI cuts GDP forecast to 9.5 pc
Jun 04, 2021
Mumbai (Maharashtra) [India], June 4 : Equity benchmark indices closed lower on Friday as the Reserve Bank of India (RBI) maintained status quo on key interest rates but cut FY22 GDP forecast to 9.5 per cent due to Covid-19 pandemic's impact on lives and businesses.
The BSE S&P Sensex closed 132 points or 0.25 per cent lower at 52,100 while the Nifty 50 slipped by 20 points or 0.13 per cent to 15,670.
Sectoral indices at the National Stock Exchange were mixed with Nifty metal gaining by 1.3 per cent but Nifty private bank and FMCG dipping by 0.8 per cent by 0.4 per cent respectively.
Stocks of hotels and liquor companies surged as the RBI announced on-tap liquidity window of Rs 15,000 crore for contact-intensive sectors to boost liquidity in hospitality, travel and tourism, and aviation ancillary services sectors which have been hit hard by the second wave of Covid-19.
Royal Orchid Hotels jumped by 7.9 per cent while United Breweries was up by 5.7 per cent. The other major gainers in today's trading were Tata Motors, Grasim, Coal India, ONGC, Larsen & Toubro and Bajaj twins.
However, index heavyweight Reliance Industries fell by 1 per cent to close at Rs 2,186.90 per share. Nestle India, Hindustan Unilever, State Bank of India, HDFC Bank, Axis Bank and Eicher Motors were in the red.
Meanwhile, Asian stocks followed Wall Street lower as signs of a strengthening US recovery boosted bets for higher inflation and an earlier tapering of Federal Reserve stimulus.
Japan's Nikkei fell 0.4 per cent while Hong Kong shares were off 0.17 per cent. South Korea's Kospi closed the week lower by 0.23 per cent.
