India, Oct. 8 -- Stock markets closed lower on Wednesday, with the benchmark Sensex down 429 points after two straight days of gains, as the RBI raised the key policy rate for the first time in nearly four years.

Snapping the two-day rally, the 30-share BSE Sensex fell 429.11 points, or 0.59 per cent, to settle at 72,638.70 with 26 of its constituents closing lower and four higher. During the day, Sensex lost 599.09 points, or 0.81 per cent, to hit a low of 72,468.72.

The 50-share NSE Nifty declined 173.05 points, or 0.76 per cent, to end at 22,603.05. Rising crude oil prices and persistent foreign fund outflows also hit market sentiment, analysts said.

Among the 30 Sensex firms, Titan, Bharat Electronics, Asian Paints, Infosys, Larsen...