Benchmark indices fell sharply and saw biggest one-day fall this year, dragged by banks after the RBI expectedly cut repo rate by 25 bps and changed policy stance to accommodative from neutral.

The BSE Sensex plunged 553.82 points or 1.38 percent to 39,529.72 and the Nifty50 slipped 177.90 points or 1.48 percent to 11,843.80. GAIL was a prominent loser among Nifty50, falling 12 percent followed by Indiabulls Housing, IndusInd Bank, Yes Bank and SBI which lost 4-8 percent. Coal India, Titan Company, Hero Motocorp, Power Grid Corp and HUL bucked the trend, rising 1-2 percent.

Benchmark indices fell sharply and saw biggest one-day fall this year, dragged by banks after the RBI expectedly cut repo rate by 25 bps and changed policy stance to accommodative from neutral.

The BSE Sensex plunged 553.82 points or 1.38 percent to 39,529.72 and the Nifty50 slipped 177.90 points or 1.48 percent to 11,843.80. GAIL was a prominent loser among Nifty50, falling 12 percent followed by Indiabulls Housing, IndusInd Bank, Yes Bank and SBI which lost 4-8 percent. Coal India, Titan Company, Hero Motocorp, Power Grid Corp and HUL bucked the trend, rising 1-2 percent.