Markets have turned weak in the afternoon session as selling pressure intensified across the board. The weakness in European equities on account of lowering crude oil prices has also dented the sentiments.
At 2:35 pm, the S&P BSE Sensex shed 113 points at 24,711 and the Nifty50 lost 45 points at 7,509.
The RBI at its sixth bi-monthly monetary policy review on Tuesday kept the repo rate unchanged at 6.75%. The cash reserve ratio (CRR), or the portion of a bank’s money maintained with the central bank in cash, was also unchanged at 4%. The RBI, however, indicated that rates would continue to soften, prompted by benign inflation and weak economic and industrial growth.
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