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The rate pause by the Reserve Bank Of India (RBI) policy review failed to enthuse the market, which also was expecting a cut in CRR to infuse liquidity in the system.
Industrial output as measured by IIP registered a negative growth of 5.1 per cent in October - lowest in over two years - due to rising interest rates, high prices and global uncertainties. Factory output had grown by 11.3 per cent in October last year.
The BSE Sensex fell 722.11 points or 4.45 per cent to more that 2-year closing low at 15,491.35 as against the previous weekend`s level of 16,213.46. It has lost 1,355.48 points or 8.05 per cent in the last two weeks.
The 50-share S&P CNX Nifty fell by 215.10 points or 4.42 per cent to finish at 4,651.60.
The BSE Mid-Cap index fell by 6.11 per cent while the BSE Small-Cap index fell 6.03 per cent.
RBI left its main lending rate unchanged in order to support faltering economic growth as inflation shows signs of cooling. It also refrained from cutting the cash reserve ratio (CRR) from 6 per cent, despite tight liquidity in the system.
Persistent selling pressure from foreign funds also affected the market sentiment.
