India’s domestic equity benchmark indices continued their slump for the fourth session in a row and closed Wednesday’s trade on a negative note.
Sensex closed at 54,892 points, down 215 points or 0.4 per cent, whereas Nifty at 16,356 points, was down 60 points or 0.4 per cent.
“The RBI policy turned out to be a non-event for the index as it ended on a flat note,” said Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities.
The Reserve Bank of India on Wednesday raised the key lending rate, or repo rate, by 50 basis points to 4.9 per cent to tame rising inflation, which has been now above the central bank’s 6 per cent tolerance level for four months in a row. Repo rate is the rate at which the central bank lends short-term funds to banks.