Indian stock markets tanked on Wednesday after the Reserve Bank of India stunned the market with an increase in policy rates, citing inflationary pressures .The Reserve Bank of India's monetary policy committee, in an off-cycle meeting, raised key lending rate by 40 basis points. Sensex slumped 1,306 points to end at 55,669 after the RBI rate hike, while Nifty tanked 391 points to 16,677Although the rate hike was anticipated, the sudden announcement of a 40 bps increase in repo rate along with a 50 bps increase in CRR in response to the rising inflation spooked markets leading to a heavy selloff. Global markets are also trading cautiously ahead of the upcoming Fed meeting, as an increase of more than 50 bps will extend the current consolidation phase,.
Biggest IPO in Indian Markets: LIC IPO subscription status :LIC IPO
is subscribed 62 percent by 16:33 hours IST, on May 4, the first day of
bidding .The employee reserved portion
has been subscribed 100 percent, while retail investors portion has been
subscribed 55 percent. Non Institutional investors have subscribed 25 percent
of their portion while qualified institutional buyers bought 33 percent of
allotted quota of 3.95 crore shares, till now.
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