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Sensex falls 205 pts as RBI holds rates

DNMUM402518 | 12/7/2017 | Author : DNA Money Correspondent | WC :316

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Mumbai: Reserve Bank of India (RBI)’s monetary policy steered the trajectory of Indian market on Wednesday, with equities falling for the second straight session. Benchmark indices closed the session with losses close to 1% following the central bank’s announcement to keep the repo rate unchanged at 6% and raising the inflation forecast.
Banking sector bled with medium-term rate cut hopes dashed, with RBI’s move to maintain status quo sparking a sell-off in banking stocks. Weak sentiment hovered over realty and automobile counters too.
The Monetary Policy Committee (MPC) raised inflation forecast for remainingfiscal to 4.3-4.7%.
The 30-share Sensex dropped 205.26 points, or 0.63%, to close at 32597.18, after hitting a
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