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MUMBAI: Reacting sharply to the 50 basis point hike in the repo rate, the Nifty dropped sharply from 5676.35 to 5622.1 points within a span of five minutes between 10-56 a.m. and 11-01 a.m. on Tuesday. The Sensex and the Nifty lost 1.87 and 1.86 per cent, respectively, over their previous close to end the day at 18518.22 points (-353.07) and 5574.85(-105.45), respectively.
“The market was disappointed with the higher-than-expected rate hike,” said Mr Nirmal Jain, Chairman, IIFL. “The economy will grow at 6.5-7 per cent this fiscal but there are clear signs of a slowdown in FY-13 as slowdown usually comes with a lag.”
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