Stock market today, Oct. 7 -- The domestic benchmark indices snapped a two-day winning streak on Wednesday after the RBI raised the repo rate by 25 basis points to 5.5% and shifted its policy stance to "calibrated tightening", citing inflation risks from elevated oil prices and tighter global monetary conditions.

The Nifty 50 fell 0.76% to 22,603.05, while the Sensex declined 0.59% to 72,638.70. Both indices were already down around 0.7% ahead of the policy decision. The rupee slipped to a five-month low against the US dollar, while bond yields rose after the announcement. Brent crude gained 1.3% to around $102 a barrel.

Nagaraj Shetti of HDFC Securities has a positive near-term view on both stocks. He recommends Bank of Maharashtra wit...