Benchmark indices decline for fourth day as RBI hikes policy rate by 50 bps

The benchmark indices declined for the fourth consecutive session on Wednesday as the Reserve Bank of India (RBI) hiked the policy rate by 50 basis points.

The Sensex closed at 54,892, with a decline of 215 points, or 0.4 per cent, and the Nifty finished at 16,356, with a drop of 60 points, or 0.3 per cent.

A near 2 per cent drop in shares of index heavyweight Reliance Industries, accounted for the bulk of the losses. If not for RIL, the benchmark indices would have ended almost flat.

Among the factors that buoyed sentiment were the RBI’s decision to maintain the economic