Domestic equities plunged on Thursday after the Reserve Bank of India’s (RBI’s) monetary policy committee kept the key lending rate unchanged at 6.50 per cent. BSE benchmark Sensex slipped 307.63 points, or 0.47 per cent lower at 65,688.18, while broader NSE Nifty slipped 89.45 points, or 0.46 per cent to end the session at 19,543.10.
While announcing the bimonthly policy, RBI Governor Shaktikanta Das said that the headline inflation after reaching a low of 4.3 per cent in May 2023, rose in June and is expected to surge during July and August, led by vegetable prices. The RBI also raised the the CPI inflation forecast for FY2023-24 to 5.4 per cent from 5.1 per cent due to vegetable price shocks, while retained the GDP forecast at 6.5 per cent, with risks evenly balanced.
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