Key benchmark indices dropped in a choppy trading session after the Reserve Bank of India, in a surprise decision, raised its key policy rate viz. the repo rate by 25 basis points (bps) to 7.5% from 7.25% after a monetary policy review. However, the central bank also unwound some of the cash tightening steps undertaken since mid-July, lowering the marginal standing facility rate by 75 basis points to 9.5 percent and the minimum daily average cash balance that banks need to maintain to 95 percent from 99 percent previously.. The CNX Nifty provisionally closed above the psychological 6,000 mark, at 6012 down by 103.45 points. The BSE Sensex was provisionally down 365.70 points or 1.77%, up about 230 points from the day's low and off close to 395 points from the day's high.
The market breadth, indicating the overall health of the market, was negative, in Nifty 50 stocks the Advance to Decline ratio stands at 20 advances to 30 declines. On NSE all sectoral indices except Pharma closed in the red with Realty( down by 7.47%) and Bank nifty (down over 4%) were the worst hit.a
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