Key facts
- Indian stock markets closed lower, erasing earlier gains.
- The Reserve Bank of India (RBI) kept the repo rate unchanged at 5.25%.
- The RBI adopted a hawkish stance following its Monetary Policy Committee meeting.
- The Indian rupee gained against the US dollar.
- Oil prices and Treasury yields fell.
Indian stock markets erased morning gains, with the Sensex and Nifty closing lower following the Reserve Bank of India's (RBI) hawkish stance and a wait-and-watch approach after its Monetary Policy Committee meeting. Despite falling oil prices and Treasury yields, the central bank kept the repo rate unchanged at 5.25%. The Indian rupee saw a significant gain against the US dollar.