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“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."

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.