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The RBI has permitted state cooperative banks and district central cooperative banks to extend finance to commercial real estate – residential housing (CRE-RH) within the existing aggregate housing finance limit of 5 per cent of their total assets.

Spot gold prices for 24 carat gold in Delhi were up by Rs 30 reflecting overnight gains in COMEX gold prices," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

The Reserve Bank of India on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in the rise in prices that it saw continuing to hurt consumers in the near term.

Market analysts believe that spending patterns across metro and mini-metros have remained healthy, whereas the lower income strata have been hit by challenging job market and inflationary pressures, resulting in a dent in their discretionary spends.

“The current choppy movement could extend for another 1-2 sessions and the lows to be watched around 16,200 levels. Strong overhead resistance is placed at 16,450-16,500 levels,” said Shetti.

Rattled by inflation and tightening fears, the 30-share pack closed 214.85 points lower at 54,892.49. Its broader peer, Nifty50, also struggled but managed to hold the 16,350 mark.

"Actions from both the central bank and the central government are on a reasonably steady path and as long as we stay on that path, the bond yields will reflect greater stability than anything else."

As expected, the RBI sharply increased inflation projections, with CPI inflation for the current financial year now seen at 6.7 per cent. However, the GDP growth projection for the current financial year had been retained at 7.2 per cent.

The Nifty Pharma index closed 0.31 per cent up at 12317.8.

"​​I think RBI has all the tools in terms of withdrawal of liquidity or rate hikes or other measures to actually respond dynamically like they did last time for with an unplanned rate hike."