BusinessSensex Falls Nearly 600 Points as RBI Hikes Rates; Nifty Below 22,600
Indian markets fell sharply on Wednesday after the Reserve Bank of India announced its first rate hike in over three-and-a-half years, raising rates by 25 basis points. The Nifty 50 touched a low of 22,558.4, down nearly 1%, while the Sensex dropped 599 points to 72,468.72. A falling rupee and high crude prices worsened the selloff, with RBI Governor Sanjay Malhotra signaling no rate cuts soon.
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