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The Sensex fell nearly 2 per cent on Friday after a surprise rate hike by the RBI led to a slide in rate-sensitives like banking and auto shares.
The Reserve Bank of India Governor Raghuram Rajan surprised markets in his maiden policy review on Friday by raising interest rates to ward off rising inflation, while scaling back some of the emergency measures put in place to support the ailing rupee.
The Sensex closed down 383 points at 20,263 while the NSE Nifty ended at 6,012, down 103 points.