Benchmark indices traded lower after touching the life time high as the RBI MPC slashed the repurchase rate by 25 basis points to 6%, the lowest since November 2010.As the inflation was in comfortable limits of RBI after it came as low as 1.54% below the RBI target of 4%, the market was ready for the rate cut. Nifty witnessed profit booking and ended lower at 10081.0.The cements stocks were the major gainer of the day while Pharma and IT stocks were the losers of the day.
Global Markets Update
Israel’s Tax Authority wants Coca-Cola to pay some 160 million shekels ($45 million) in taxes on royalties that the global beverage giant receives from its local franchise for use of the brand name in Israel.
Semiconductor firms’ shares were a bright spot on Wednesday in a lackluster European market, weighed down by a fall among mining stocks and banks.
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