Stock Market Falls by 294 Points as RBI’s Credit Policy Disappoints Investors
The stock market witnessed a decline of about 294.32 points as the Reserve Bank of India (RBI) presented its credit policy on June 8, 2023. Although there was no change in the repo rate, the RBI emphasized the need to curb inflation, which left investors disappointed. The Sensex closed at 62848.64 points, while the Nifty closed at 18634.50 points with a decline of 91.90 points.
Key Highlights:
– A total of 3,668 companies were traded on BSE, out of which 1,494 shares closed with gains and 2,055 shares with losses. No difference was observed in the share price of 119 companies.
– 194 stocks closed at 52 weeks high, while 24 stocks closed at their 52-week low. The upper circuit was installed in 208 shares, while the lower circuit was installed in 103 shares.
– The rupee closed with a weakness of 2 paise at Rs 82.56 against the dollar.
Top Gainers and Losers:
The top gainers of Nifty were NTPC, JSW Steel, ONGC, Larsen, and Power Grid Corporation. On the other hand, the top losers were Grasim, Kotak Mahindra, Sun Pharma, Tech Mahindra, and Apollo Hospitals.
About Sensex and Nifty:
The Sensex is an index of the Mumbai Stock Exchange (BSE) that consists of 30 BSE companies. It was prepared in 1986 and is considered an important index in India and across the world. The base year of Sensex is 1978-79. On the other hand, Nifty is the flagship index of the National Stock Exchange (NSE) that includes the top 50 companies of the NSE. The base year of Nifty is 1995.
How to Buy Shares from the Share Market:
To invest in the stock market, one needs to open a demat and trading account with a stockbroker. PAN, Aadhaar, and a bank account are required to open a demat and trading account. Once these documents are available, investing in the stock market can be started easily by opening an account with a broker.
In conclusion, the stock market witnessed a decline as investors were disappointed with RBI’s credit policy. While some stocks gained, others lost, and the rupee closed with a weakness of 2 paise against the dollar. For those interested in investing in the stock market, opening a demat and trading account with a stockbroker is the first step.
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