Indian banks and indices declined due to the RBI
Indian market indices declined, primarily led by banking and financial stocks, as the Reserve Bank of India (RBI) announced an unexpected move on August 10, imposing a 10% incremental cash reserve ratio (ICRR) on banks starting from August 12.
While benchmark indices opened lower, the losses intensified following some of RBI's announcements. The headline Nifty 50 index dropped by 0.35% to 19,563.5 levels, and the Sensex index lost 254.55 points, or 0.4%.
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