Mumbai, Oct. 7 -- The key equity benchmarks traded with modest cuts in morning trade after the RBI raised the repo rate by 25 basis points to 5.50% from 5.25%, in line with expectations. The Nifty traded below the 22,700 level. Metal shares declined after advancing in the past two trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, tanked 198.67 points or 0.27% to 72,866.75. The Nifty 50 index lost 96.40 points or 0.42% to 22,676.25.

In the broader market, the BSE 150 MidCap Index declined 0.15% and the BSE 250 SmallCap Index rose 0.20%.

The market breadth was negative. On the BSE, 1,867 shares rose and 1,868 shares fell. A total of 255 shares were unchanged.

RBI hikes repo rate by 25 bps to 5.50%

The RBI Monetar...