Mumbai: In a bid to strike a balance between the “inadequate” 25 basis points (bps) and “excessive” 50 bps, the RBI on Wednesday slashed key policy rates by an unconventional 35 bps, but markets slid as it revised down the economy’s growth forecast.
The Sensex closed 286.35 points or 0.77 per cent lower at 36,690.50, while the broader Nifty slipped by 92.75 points to 10,855.50.
The Reserve Bank of India Governor Shaktikanta Das said the downward adjustment in the GDP growth projection was warranted by various high frequency indicators pointing to weakening of both domestic and external demand conditions. (IANS)
