The benchmark index of Indian equities equities on Monday closed the day's trade down 244 points at 16,705.83 points after Reserve Bank of India (RBI) kept the rates steady in its mid-quarter review of monetary policy.
The interest rate sensitive stocks of autos, banks and realty were worst hit.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,039.54 points, closed down 244 points, or 1.44 per cent, and stood at 16,705.83 points from its previous close of 16,949.83 points.
The Sensex touched a high of 17,109.95 points and a low of 16,636.09 points in the intra-day trade.
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The BSE midcap index was down 63.14 points while the smallcap index fell 44.35 points.
The wider 50-scrip S&P CNX Nifty of the National Stock Exchange was 1.46 per cent or 74.80 lower at 5,064.25 points.