The Sensex and Nifty indexes plummeted in the afternoon session on Wednesday after Reserve Bank of India (RBI) Governor Shaktikanta Das announced a 40 basis point raise in benchmark interest rates to 4.40 percent, effective immediately. The unexpected action came after the central bank's Monetary Policy Committee (MPC), led by Das, held a "off-cycle" meeting on the 2-4 May. 

The 30-share BSE benchmark Sensex fell more than 1400 points to an intraday low of 55,501, while the Nifty fell more than 400 points to 16,623.  Mid- and small-cap stocks were down 2.12% and 2.35 percent, respectively, on the Nifty Midcap 100.

The NSE's 15 sector gauges were all trading in the red. Nifty Consumer Durables, Nifty Metal, and Nifty Financial Services all fell 3.62 percent, 3.21 percent, and 2.61 percent, respectively, underperforming the index. The biggest loser was Apollo Hospitals, whose stock fell 6.59 percent to Rs 4,021. Also among the losers were Adani Ports, Hindalco, Titan, and Bajaj Finance.

On the BSE, the total market breadth was negative, with 864 shares gaining and 2,508 decreasing.Bajaj Finserv, Bajaj Finance, Titan, IndusInd Bank, HDFC Bank, Reliance Industries, Asian Paints, Maruti, Dr Reddy's Laboratories, and Axis Bank were among the top laggards on the 30-share BSE index. PowerGrid, NTPC, and Kotak Mahindra Bank, on the other hand, were all trading in the green.

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