Markets remain bearish for fourth straight day in volatile trade post Reserve Bank policy

Mumbai: Equity benchmarks extended their decline for the fourth straight session on Wednesday, with the Sensex falling 214.85 points after the Reserve Bank raised the key interest rate by 50 basis points.

Continuous foreign fund outflows and surging crude oil prices also weighed on markets.

The 30-share BSE benchmark dropped 214.85 points or 0.39 per cent to settle at 54,892.49. During the day, the benchmark hit a high of 55,423.97 and a low of 54,683.30.

The broader NSE Nifty declined 60.10 points or 0.37 per cent to finish at 16,356.25.

Home, auto and other loan EMIs will rise after the Reserve Bank of India (RBI) on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in rise in prices that it saw continuing to hurt consumers in the near term.

From the Sensex pack, Bharti Airtel, ITC, Reliance Industries, Asian Paints, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank were the major laggards.

In contrast, Tata Steel, State Bank of India, Dr Reddy's, Bajaj Finance, TCS and Titan emerged as the gainers.

Meanwhile, international oil benchmark Brent crude jumped 0.93 per cent to $121.69 per barrel.

The rupee advanced 10 paise to settle at 77.68 against the US dollar on Wednesday after the RBI raised the interest rate by 50 basis points.