New Delhi, Oct. 7 -- Indian stock markets remained under pressure on Wednesday, October 7, after the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) unanimously raised the repo rate by 25 basis points to 5.5% from 5.25%, in line with expectations for the first time in 4 years.

The Sensex fell as much as 529 points, or 0.7%, to an intraday low of 72,539.18, while the Nifty 50 declined 191 points, or 0.8%, to 22,585.05.

At its October 5-7 policy meeting, the MPC also changed its stance to 'calibrated tightening'. The RBI raised the Standing Deposit Facility rate to 5.25%, while the Marginal Standing Facility rate and bank rate remained unchanged at 5.75%.

In his statement, RBI Governor, Sanjay Malhotra said, "After a detail...