Sensex Dives Over 900 Points On RBI’s Surprise Rate Hike Move; Nifty Trades Below 16,800

Sensex and Nifty fell in late deals today.

New Delhi:

Indian equity benchmarks fell sharply in deals of late on Wednesday after the Reserve Bank of India (RBI) announced a hike in the key interest rate. In a surprise move, RBI in an off-cycle meeting today increased the repo rate by 40 basis points (bps) to 4.40 per cent.

The 30-share BSE Sensex closed 936 points or 1.64 per cent lower at 56,040, while the broader NSE Nifty was trading 274 points or 1.60 per cent lower at 16,795.

Repo rate is the rate at which a central bank lends money to banks.

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