The broader NSE index closed down 1.23% at 11,174.75, while the benchmark BSE index settled 1.14% lower at 37,673.31. For the week, both NSE and BSE fell nearly 3%.
The Reserve Bank of India maintained its "accommodative" stance and said it would keep that position "as long as it is necessary" to revive economic growth, while ensuring inflation remains within target. The Nifty private bank index and the Nifty PSU bank index, which track state-owned banks, fell 2.5% and 1.89%, respectively.