Indian stocks opened largely steady on Wednesday, but volatility seems to have remained. At the time of writing this report, the benchmark indices Sensex and Nifty were about 0.1 per cent lower each.
At 9.23 am, Sensex traded at 60,338.82 points, up 529.85 points or 0.89 per cent, and Nifty traded at 17,747.15 points, up 152.80 points or 0.87 per cent.
The benchmark stock indices extended their losses from the past week in line with weak fundamentals in US markets, which saw its sharpest weekly decline of 2023.
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In the just concluded three-day monetary policy committee meeting, the RBI decided to raise the repo rate, the rate at which the RBI lends money to all commercial banks, by 25 basis points to 6.5 per cent.
Banking and financial stocks were the top losers, with Nifty bank, Nifty financial services, Nifty PSU bank, and Nifty private bank declining the most. They declined in the range of 2.1-3.6 per cent.