After a positive opening when it continued with its record-setting spree and hit a new record high of 22,485.77 points, the Sensex fell back to trade 38.06 points, or 0.17 percent to 22,348.21 at 1145 hours soon after the Reserve Bank announced its policy review. The Sensex had rallied over 1,265 points, or 6 percent in March.

Brokers said the RBI's decision to keep interest rates unchanged was largely in line with investor expectations and failed to have any immediate effect.
RBI, in its first bi-monthly monetary policy, left the short-term lending rate or repo rate unchanged at 8 percent, and the cash reserve ratio static at 4 percent.
Similarly, the wide-based National Stock Exchange index Nifty slipped below 6,700 level by falling 8.80 points, or 0.13 percent, to 6,695.40. It had touched a lifetime high of 6,732.25 in morning trade on Tuesday. The banking sector index fell by 0.48 percent, to 14,502.39, while realty index declined by 0.97 percent to 1,454.15. points.


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