Reserve Bank of India has declared drop in repo rate – the rate at which it lends to banks – by 25 basis points (bps). The benchmark BSE sensex crashed 554 points or 1.38 per cent to close at 39,530, while the broader NSE Nifty cracked 178 points or 1.48 per cent to settle at 11,844.On NSE, all the sub-indices witnessed losses with Nifty PSU Bank and Bank sliding as much as 4.90 per cent. According to traders, investor sentiment took a hit after the RBI lowered its benchmark lending rate to nearly a nine-year low of 5.75 per cent.
Sensex drops by 553.82 points and Nifty closes at 11843.75
