Indian equities ended lower on Wednesday after the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to 5.50% and shifted its policy stance from neutral to calibrated tightening.

The Nifty 50 ended at 22,603.05, down 173.05 points, or 0.76%, while the Sensex shed 429.11 points, or 0.59%, to settle at 72,638.70.

Broader markets, meanwhile, settled on a mixed note. The Nifty Smallcap 100 eked out a gain of 0.30%, while the Nifty Midcap 100 ended 0.63% lower.

On the sectoral front, the Nifty Realty, Nifty Metal and Nifty Auto indices slumped around 2% each, while the Nifty IT and Nifty Consumer Durables indices fell more than 1% each. Bucking the trend, the Nifty PSU Bank index gained 1%.

Market breadth turned negative, with 2,043 stocks advancing on the NSE against 1,549 declines, while 98 stocks remained unchanged.

Here are today’s top gainers on the Nifty

Here are today’s top gainers on the Sensex

Here are today’s top losers on the Nifty

Here are today’s top losers on the Sensex

The Nifty has slipped lower after finding resistance at the 50-EMA on the hourly chart. The index has shown the first sign of reversal by forming a bearish candle following a strong bullish candle. The hourly RSI has also witnessed a bearish crossover. The next few days will be important, as a decisive fall below 22,600 might reignite bearishness in the market, according to Rupak De, Senior Technical Analyst at LKP Securities.

On the lower end, a break below 22,600, he believes, could drag the index towards 22,200 levels. On the other hand, a sustained rise above 22,750 might bring some bullishness back into the market.

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