BENGALURU: Indian shares extended their losses on Thursday as the Reserve Bank of India stood pat on interest rates, as expected, and maintained its hawkish policy stance, citing stubbornly high food inflation.
The NSE Nifty 50 index fell 0.64% to 24,143.7, as of 10:11 a.m IST, and the S&P BSE Sensex shed 0.62% to 78,945.26.
Both indexes were down about 0.3% ahead of the decision.
The RBI kept key policy ranges unchanged for a ninth consecutive meeting amid inflationary pressures and maintained its ‘withdrawal of accommodation’ policy stance, with the governor flagging stubborn food inflation.
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Eleven of the 13 major sectors logged losses.
IT and energy stocks shed about 1% each and were the top sectoral losers.
Tata Motors gained about 1.6%, the most on the Nifty 50. Multiple brokerages said its new “Curvv.ev” car could gain market shares as it was priced at par with regular cars and had a higher range than most other EVs.
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