Indian markets go into tailspin after RBI's rate hike surprise; Sensex, Nifty slump over 2 pc
Mumbai, May 4 (PTI) Equity markets fell sharply in late afternoon trade on Wednesday, with the Sensex and Nifty diving over 2 per cent each after the RBI in a surprise move hiked the benchmark lending rate to 4.40 per cent to contain inflation.
The 30-share BSE benchmark tumbled 1,306.96 points or 2.29 per cent to settle at 55,669.03. During the day, it plummeted 1,474.39 points or 2.58 per cent to 55,501.60.
The NSE Nifty tanked 391.50 points or 2.29 per cent to finish at 16,677.60.