The benchmark indices fell over two percent amid sharp sell off witnessed towards the end of the trading session. The central bank in its mid-quarterly review of the monetary policy decided to keep the interest rates unchanged. The pause in rate hikes was however already factored in by the markets.Commenting on rate cuts, RBI Governor D Subbrao said he cannot speculate when the cuts will begin. Nifty closed below the psychological level of 4700 for the first time since November 2009. Sensex also closed below the level of 15500. The declines were primarily led by capital goods stocks that plunged over 4 percent. Rate sensitive stocks, banks and realty, tanked over 3 percent. Metal, PSU and Power declined over 2 percent. The rest of the indices also closed in the negative. The market breadth was weak and one stock advanced against every four declines.
(Pic. Source- bseindia.com)
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