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"​​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."

The measure would stipulate that the CFTC, not the Securities and Exchange Commission, play the primary role in regulating crypto products, most of which the senators said operate more like commodities than securities.

"Cryptocurrencies are here to stay. They no longer exist only on the fringes of wealth and investment conversations," said ADDX CEO Oi-Yee Choo.

Reacting to the announcement, BSE Sensex tumbled over 400 points and NSE Nifty slipped below 16,350. However, markets soon pared the sudden losses with the benchmarks trading 0.4 per cent lower.

The Nifty Pharma index was trading 0.63 per cent down at 12202.5.

Existing investors can remain invested while fresh money can be deployed on dips towards Rs 217-205, and further towards 196-187-182, they say.

Banks fell 1% as Credit Suisse said it was likely to see a group-wide loss in the second quarter, a further blow to the embattled lender.

"In some sectors or stocks you can argue that there is resemblance of bear market, but on the broader market it is a correction in a bull market rally," Madhu Kela said.

For the first time on record, the industry also expects sales of more than 900,000 units each in two consecutive quarters. Automakers had sold 920,661 units in the January-March quarter.

Traders who had bet on bond prices declining after the RBI’s policy statement rushed to square off those positions in the secondary market, thereby pushing up prices further.