Mumbai: The Indian stock market’s key indices, Sensex and Nifty, plummeted on Monday dragged by heavy selling pressure in auto and banking stocks.

The 30 stock S&P BSE Sensex was trading 273.69 points or 0.48 per cent down at 57,153.23 points at 1.30 pm against its previous session’s close at 57,426.92 points. Earlier, the Sensex started the day marginally down at 57,403.92 points but witnessed heavy selling pressure in the late morning trade. The Sensex slumped to a low of 56,875.05 points in the morning session. The Sensex briefly turned positive in the morning session rising to a high of 57,454.84 points.

The Sensex had gained 1016.96 points or 1.80 per cent on Friday, the previous trading session.

The markets had witnessed a strong rally on Friday after the monetary policy announcement by the RBI. On the expected lines, the RBI’s Monetary Policy Committee decided to raise policy repo rate by 50 basis points or 0.50 per cent to 5.90 per cent.

The Monetary Policy Committee (MPC) met on 28th, 29th and 30th of September 2022. Based on an assessment of the macroeconomic situation and its outlook, the MPC decided by a majority of five members out of six to increase the policy repo rate by 50 basis points to 5.9 per cent, with immediate effect, RBI Governor Shaktikanta Das said while making announcement about the MPC decisions.