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August 16, Thursday 2018 3:15 PM       

       HEADLINES: Thousands stranded along Pamba banks; Call for rescue (video)                                              Stranded girl seeks help via Facebook                                              Unrelenting rains, floods in Kerala, 39 die in past two days                                              Shutters of Aruvikkara dam raised                                              Kerala flood: Additional NDRF teams deployed for rescue operation                                              Let contentious issues, extraneous debates not distract us: Prez's I-Day message to the nation                                              Modi says corrupt, black money hoarders will not be spared                                              ‘Sleeping elephant’ woke up, India to lead world growth for three decades: PM Modi                                              Scotland Yard returns 12th century stolen Buddha statue to India on I-Day                                              Trump Tower operators sued over water release into river                                              Anger grows in Italy as bridge toll rises to 38                                              Former India captain Ajit Wadekar no more                                              Kaumudi Facebook
       BUSINESS Next Article: RBI hikes repo rate by 25 basis points to 6.50%  
       Sensex, Nifty end lower after RBI raises key rates
 
         Posted on :17:54:04 Aug 1, 2018
   
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       Last edited on:17:54:04 Aug 1, 2018
         Tags: SENSEX, nifty, mumbai
 

MUMBAI: Indian shares shed early gains to end lower on Wednesday, pulled down by financial and auto stocks, after the Reserve Bank of India raised interest rates for the second straight meeting. The RBI’s Monetary Policy Committee (MPC) raised the repo rate by 25 basis points to 6.50 percent. It is the first time since October 2013 that the rate has been increased at consecutive policy meetings.

The reverse repo rate was also raised by 25 basis points to 6.25 percent.

The benchmark BSE index snapped an eight-session winning streak to end 0.23 percent lower at 37,521.62.

The broader NSE Nifty closed 0.09 percent lower at 11,346.2. It had hit an all-time high of 11,390.55 earlier in the session.

Bond markets took comfort from the less-hawkish statement with bond yields easing sharply from the day’s high, while the rupee trimmed gains.

The 10-year benchmark bond yield dropped to 7.74 percent, after briefly rising to 7.84 percent soon after the RBI decision. In the previous session, it ended at 7.77 percent.

The Indian rupee was at 68.51 to the dollar, firmer than Tuesday’s close of 68.55, but off the day’s high of 68.48.

Shares of Housing Development Finance Corp were the biggest drag on the NSE index, closing down 1.18 percent, while Maruti Suzuki Ltd was the top loser among the auto companies, ending 2.03 percent lower.

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       BUSINESS
Next Article: RBI hikes repo rate by 25 basis points to 6.50%
 
 
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