The BSE benchmark declined 214.85 points or 0.29% to settle at 54,892.49. The broader NSE Nifty fell 60.10 points or 0.37% to close at 16,356.25.

The broader indices ended in red with the BSE Mid cap index down by 0.15%, while the Small cap index was down by 0.33%. On the sectoral front, Realty was up by 1.88%, Metal up by 0.52%, PSU up by 0.45%, IT up by 0.20% and Healthcare up by 0.11%, while Telecom down by 1.62%, FMCG down by 0.95%, Energy down by 0.87%, Oil & Gas down by 0.69% and Industrials down by 0.49% were the top losing indices on BSE.

Also Read | Closing Bell: Sensex falls 215 points, Nifty closes at 16,356

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) raised the key interest rate by 50 basis points to 4.90%. “With inflation persistently hovering above the upper tolerance limit of 6%, the RBI’s six-member rate-setting panel voted unanimously to raise the lending rate of the repurchase (repo) rate by 50 basis points to 4.90%,” Governor Shaktikanta Das said.

Also Read | Gold, silver and other metal prices on Wednesday, June 8, 2022

Here are the key stocks that moved the most on June 8:

Bajaj twins: Bajaj Finance ended 1.04% to close Rs 5,940.00 and Bajaj Finserv surged 0.65% to close at Rs 12,418.35. The stocks reacted positively to RBI’s policy announcements and its decision to allow the linkage of credit cards with UPI.

Also Read | RBI MPC meet: Central bank raises inflation projections above 6%

Deepak Nitrate: The stock fell 4.65% to close at Rs 1,802.05 after some reports suggested that the Gujarat government issued a closure notice to Deepak Nitrite’s Nandesari unit over the recent fire incident.

Also Read | RBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%

Gujarat Gas: The stock ended 7.28% down at Rs 487.80 the global investment bank, UBS recommended a ‘Sell’ rating for the stock and lowered its price target from Rs 550 per share to Rs 400 per share. UBS said that the Propane business poses headwinds to both the volumes and margin of the company.

Also Read | RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate

State Bank of India: The stock surged 1.64% to close at Rs 471.00 after Nomura maintained a ‘buy’ call on the stock with a target of Rs 615 per share. The bank management does not expect major asset quality issues due to rising interest rates and expects the secured books’ asset quality to be as good as the secured loan book. According to SBI, the current unsecured loan book is only 30% of its true potential.

Also Read | RBI MPC meet: Co-operative banks’ housing loan limits hiked by 100%

PNB Housing Finance: The stock gained 3.83% to close at Rs 342.70 after the Bank’s board approved infusing Rs 500 crore in PNB Housing’s right issue.