Sectoral indices led by metal, IT, auto, teck, and capital were all in red and trading losses up to 1.06 percent.
The 30-share Sensex opened positive and advanced to a high of 33505.53 but succumbed to a sudden selloff in the afternoon, hitting a low of 32972.56. This is the benchmark's biggest fall since March 23, when it had lost 409.73 points.
The Sensex vaulted 577.73 points or 1.75 per cent to end the day at 33,596.80 while the Nifty soared 196.75 points or 1.94 per cent to close the session at 10,325.15. The monetary policy committee of RBI kept the repo rate unchanged today at six percent, and has changed its stance to neutral.
The gauge had soared nearly 578 points in the previous session after the RBI kept the policy rate unchanged but said growth will rebound this fiscal amid softening inflation.
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Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: "For the coming session, the immediate hurdle is placed in the zone of 10187-10230 and on the downside, last Wednesday's low of 10096 would be a crucial support". In Asia, Hang Seng and Nikkei rose, while most of the European markets were also trading in the green on Thursday.
Brokers added that domestic investors stayed away from taking fresh positions ahead of the monetary policy review on Thursday. The rebound on Wall Street came as traders shook off trade war concerns that had weighed on the markets at the outset.
Karthikraj Lakshmanan, Senior Fund Manager-Equities, BNP Paribas Mutual Fund, said, " The output of eight core infrastructure sector, constituting 40.27% of the weight of items included in the Index of Industrial Production, increased 5.3% in February 2018 over February 2017".
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