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Equity benchmarks shed more than 2 percent after teh Reserve Bank of India raised inflation forecast for January 2016 and Met Department cut monsoon forecast.The Sensex was down 660.61 points or 2.37 percent at 27188.38, and the Nifty fell 196.95 points or 2.34 percent to 8236.45.
About 828 shares have advanced, 1860 shares declined, and 145 shares are unchanged.
State Bank of India, Axis Bank, Hindalco Industries, ITC, Hero Motocorp and IndusInd Bank topped the selling list on Nifty, down 4 percent. Lupin and Bharti Airtel bucked the trend, up marginally.
The RBI kept cash reserve ratio (CRR) of scheduled banks unchanged at 4 per cent of net demand and time liabilities (NDTL).
Shares in rate sensitive sectors such as banks, realty, auto and capital goods plunged on Tuesday, after the RBI reduced the policy repo rate under the liquidity adjustment facility (LAF). HDFC, SBI Hero MotoCorp were among top Sensex losers.
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