Indian equities fell over 550 points, on Tuesday (July 29), because of CRR and Repo rate hike, hopeless worldwide signals and heavy selling action across the board.
The Reserve Bank of India (RBI) has raised the CRR (Cash Reserve Ratio) by 25 basis points to 9%. On the other hand, Repo rate has also been augmented by 50 basis points from 8.50% earlier.
However the Bank Rate kept unchanged.
After opening negatively (Tuesday, July 29) at 14,085.53, the 30-share Index slipped further on account of CRR and Repo rate hike news.