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Markets Sunk Despite Rate Cut By RBI

The Indian stock market extended losses to close lower on Thursday, pulled mainly by financial and banking stocks after the RBI slashed repo-rate by 25bps for the third consecutive time. The Sensex and Nifty posted the biggest one-day fall this year.

The Banking regulator cut its key interest rate by 25bps in a broadly expected move and changed its policy stance to from Neutral to Accommodative to heighten a slowing economy.

The BSE Sensex ended 554-points lower at 39,530-level while the NSE Nifty50 index fell 178 points to end at 11,844-levelk.The Nifty Midcap and the Smallcap barometers were down 1.7% and 1.9%, respectively.

Coal India, TitanCompany, HeroMotoCorp, NTPC and PowerGrid were among the top gainers on the key indices, while GAIL India, IndiabullsHF,  IndusInd Bank, YesBank, and SBI were major losses.