In the just concluded three-day monetary policy committee meeting, the RBI decided to raise the repo rate, the rate at which the RBI lends money to all commercial banks, by 25 basis points to 6.5 per cent.
Sensex closed the week's last session at 59,330.90 points, down 874.16 points or 1.45 per cent, whereas Nifty closed at 17,604.35 points, down 287.60 points or 1.61 per cent
Banking and financial stocks were the top losers, with Nifty bank, Nifty financial services, Nifty PSU bank, and Nifty private bank declining the most. They declined in the range of 2.1-3.6 per cent.