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NEW DELHI: A day after Reserve Bank of India (RBI) hiked repo rate by 25 basis points (bps) to 6.50 per cent, markets underwent major correction amid sustained capital outflows by foreign funds.
On Wednesday, the monetary policy committee (MPC) of the RBI effected the first back-to-back rate hike in almost five years, citing inflationary pressure. As a result, the benchmark Sensex snapped a seven-day winning run during which it had gained 1,110.21 points and clocked fresh closing highs in each session.
Fresh worries over US-China trade friction too dampened sentiment.
On Thursday, the markets slumped into the red within the initial few minutes of trading and extended losses, by the closing bell.
All sectoral sub-indices, with the exception of Nifty Pharma closed in the red.
The 30-share BSE Sensex cracked 356.46 points to close at 37,165.16 while the broader 50-share NSE Nifty finished trading at 11,244.70, losing more than 100 points. Both the indices came down by almost a per cent.
On Wednesday, the monetary policy committee (MPC) of the RBI effected the first back-to-back rate hike in almost five years, citing inflationary pressure. As a result, the benchmark Sensex snapped a seven-day winning run during which it had gained 1,110.21 points and clocked fresh closing highs in each session.
Fresh worries over US-China trade friction too dampened sentiment.
On Thursday, the markets slumped into the red within the initial few minutes of trading and extended losses, by the closing bell.
All sectoral sub-indices, with the exception of Nifty Pharma closed in the red.
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