Meanwhile, the mega LIC IPO was off to a steady start, with policyholder and employee segment receiving strong response on Day 1 of the offer period.

Bear market, markets, bse, nse, sensex, nifty

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	The markets tanked heavily trades on Wednesday after RBI announced a surprise repo rate hike in an unscheduled meeting. The markets, were, already on tenterhooks awaiting the US Federal Reserve meeting outcome later tonight, wherein a 50 bps rate hike is anticipated.&nbsp;</div>
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	In an unscheduled address, RBI Governor Shaktikanta Das announced that the monetary policy committee has unanimously voted to increase the repo rate by 40 bps to 4.40 per cent, adding that the central bank&#39;s stance remains accommodative. RBI also raised the CRR limit by 50 bps to 4.5 per cent with effect from May 21, which in turn will lead to withdrawal of Rs 87,000 crore the system, the governor added. <a href="https://www.business-standard.com/article/economy-policy/repo-rate-raised-by-40-bps-to-4-40-with-immediate-effect-rbi-governor-122050400541_1.html" target="_blank"><strong>READ MORE</strong></a></div>
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	RBI&#39;s sruprise move sent rate sensitive shares into a tailspin dragging down the key benchmark indices. The BSE Sensex tumbled to a low of 55,502, and eventually ended 1,307 points lower at 55,669. The NSE Nifty plunged 391 points to 16,678.&nbsp;</div>
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	Rate sensitive shares - from sectors such as banking, NBFCs, housing finance, auto, real estate logged heavy losses in trade. <a href="https://www.business-standard.com/article/markets/rate-hike-impact-rate-sensitive-shares-tumble-as-rbi-s-ups-rate-by-40bps-122050400582_1.html" target="_blank"><strong>READ MORE</strong></a></div>
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	Among the Sensex 30 stocks, Titan, Bajaj Finserv and Bajaj Finance plunged over 4 per cent each. IndusInd Bank, HDFC Bank, Reliance Industries, Asian Paints and Maruti were the other major losers, down over 3 per cent each. PowerGrid Corporation and NTPC, however, ended with gains.</div>
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	Sectorally, the BSE Consumer Durables index tanked nearly 4 per cent amid supply concerns following a lockdown in China. The Finance, Healthcare, Telecom, Auto, Bankex, Capital Goods, Metal and Realty indices were also down 2-3 per cent each.</div>
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	&quot;The MPC&#39;s decision, in an unscheduled meeting, to raise the repo rate by 40bp and CRR by 50 bp is a surprise since it came on the LIC IPO opening date. MPC&#39;s proactive move is justified from the perspective of inflation management, but the timing leaves a lot to be desired. The above 1000 point crash in Sensex has soured the sentiments on the opening day of India&#39;s largest IPO. The 10-year bond yield has spiked to above 7.39% indicating an imminent rise in the cost of funds&quot;, said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.</div>
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	<strong>Also read:&nbsp;<a href="https://www.business-standard.com/article/markets/quantum-timing-of-rbi-rate-hike-has-surprised-the-markets-analysts-122050400637_1.html" target="_blank">Quantum, timing of RBI rate hike has surprised the markets: Analysts</a><br />
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	LIC IPO day 1-subscription</strong></div>
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	Meanwhile, the mega-IPO of Life Insurance Corporation of India opened for subscription today. As of 03:30 PM, the issue was subscribed 50 per cent, with the policyholder and employee categories seeing highest subscription at 1.68 times and 89 per cent, respectively. The retail quota had received bids for up to 52 per cent of the limit.</div>
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	Moreover, the offer period between May 4 and May 9 will be open for bidding on Saturday, May 7, as well.<br />
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Sensex tanks 1,307pts on RBI's sudden 40bps rate hike; Nifty breaks 16,700

Business Standard

Sensex tanks 1,307pts on RBI's sudden 40bps rate hike; Nifty breaks 16,700 | News on Markets - Business Standard

European markets log gains on Tuesday; EU said to impose new sanctions on Russia

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	<img align="left" alt="chart" class="imgCont" height="384" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-05/04/full/1651632519-8161.PNG" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="chart" width="587" />
	<div style="float: left; clear: both; font-style:italic; padding: 10px 10px 10px 0px; width:587px;">
		source: Reuters</div>
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US markets end in green on Tuesday ahead of US Fed decision

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	<img align="left" alt="chart" class="imgCont" height="295" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-05/04/full/1651632340-9915.PNG" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="chart" width="579" />
	<div style="float: left; clear: both; font-style:italic; padding: 10px 10px 10px 0px; width:579px;">
		source: Reuters</div>
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Good morning readers! Catch all the live market updates here with Business Standard

Good morning readers! Catch all the live market updates here with Business Standard&nbsp;