August 7, 2019 / 4:55 AM / a month ago

Nifty, Sensex end lower as RBI's rate cut stokes growth worries

Brokers react while trading during the presentation of the federal budget at a stock brokerage firm in Mumbai, February 1, 2018. REUTERS/Shailesh Andrade/Files

BENGALURU (Reuters) - Indian shares ended lower on Wednesday, after the country’s central bank announced an unconventional 35 basis-point cut in interest rates, signalling concerns over growth outlook for Asia’s third-biggest economy.

The six-member monetary policy committee (MPC) of the Reserve Bank of India cut the repo rate to 5.40%, just above a 25 basis-point cut predicted by 80% of the 66 analysts polled by Reuters last month.

The broader NSE Nifty ended 0.85% lower at 10,855.50, while the benchmark BSE Sensex closed down 0.77% at 36,690.50.

The public sector bank sector was the worst performer for the session, with its index closing down 3.4%, while the metals index ended 2.4% lower.

Indiabulls Housing Finance ended 13.4% in the red, while Zee Entertainment closed 2.9% higher.

Reporting by Derek Francis in Bengaluru, Editing by Sherry Jacob-Phillips

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