Closing Bell: Nifty slips below 16,400, Sensex declines over 200 points as RBI hikes repo rate; Realty, PSU Bank gain

The Indian market ended in the red for the fourth consecutive session as the Reserve Bank of India (RBI) raise the report by 50 basis points on Wednesday. Benchmarks declined around half per cent as Nifty50 slipped below 16400 and Sensex dropped over 200 points.  

In the broader market, Nifty midcap and small cap declined by around 0.4% and 0.2% respectively as India's Volatility Index (VIX) slipped below 20-mark.  

Sectorally, Realty, PSU Bank and IT indices gained despite weakness in the market as increased repo rate failed to impact bank stocks. Selling pressure was seen in FMCG and energy stocks. 

"The RBI policy turned out to be a non-event for the index as it ended on a flat note. The index is stuck in a broad range between 34,500-36,000 levels where a significant amount of put and call writing has been witnessed," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

The undertone remains bearish as long as it stays below the immediate hurdle of 35,500, the expert added.

Meanwhile, among stocks, Tata Steel and State Bank of India were top gainers on the benchmark indices on Wednesday. Titan, Dr Reddy's, Bajaj Finance, TCS and Maruti were other notable gainers.  

Bharti Airte remain top losers on both Nifty50 and Sensex. Besides, ITC, Reliance, UPL, Asian Paints, IndusInd Bank, ICICI Bank and Axis Bank were top laggards.