New Delhi: Sensex and Nifty extended losses in the afternoon session after RBI Governor Shaktikanta Das announced a surprise hike in repo rate by 40 basis points in an unscheduled announcement. The repo rate now stands at 4.40 per cent.
The RBI had kept the repo rate unchanged at 4 per cent since May 2020. Sensex crashed 904 points to 56,071 and Nifty fell 291 points to 16,777.
Before the repo rate hike announcement, Sensex lost 643 points to 56,332 and Nifty slipped 147 points to 16,921. Consumer durables shares were the top losers with their BSE index falling 1,267 points to 40,389.
BSE bankex fell 464 points to 41,068. BSE pharma index was also among the top sectoral losers, declining 544 points to 23,604.
Bank Nifty slumped 467 points to 35,696 post the rate hike announcement.