Indices slump as RBI cuts growth forecast; Sensex down 286 points

The benchmark indices fell on Wednesday as the RBI reduced the annual growth forecast for the economy and cut interest to help revive demand.

The Sensex fell 286 points, or 0.8 per cent, to end at 36,690, while the Nifty 50 index dropped 93 points, or 0.9 percent, to close at 10,856,  the lowest close since February 28.

The RBI reduced its repo rate by 35 basis points (bps) to 5.4 per cent. This is the fourth cut by the central bank so far this year. “Addressing growth concerns by boosting aggregate demand, especially private investment assumes the highest priority at this