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The rupee continued its decline, falling to a near 8-month low of 74.96 against the dollar.
The RBI held the repo rate, its key lending rate, at 4% and kept the reverse repo rate, the borrowing rate, unchanged at 3.35%.
The NSE Nifty 50 index was down 0.66% at 14,770.40 by 0400 GMT, while the S&P BSE Sensex was 0.77% lower at 49,642.46.
Banking, finance and pharma counters hogged the limelight, while cement and FMCG stocks succumbed to profit-taking.
The NSE Nifty 50 index rose 0.78% to 13,741 by 0346 GMT, while the benchmark S&P BSE Sensex was up 0.84% at 46,673.82.
The ongoing quarterly earnings season would also be in focus directing the movement of indices.
Reliance shares rose 1.7% after Indian stock exchanges on Wednesday gave the go-ahead for Future Group's $3.4 billion deal to sell its retail assets.
The companies are expecting to benefit from an equity market, which is flush with liquidity and has seen a sharp increase in new retail investors.
On the Sensex chart, HCL Tech was the top gainer, soaring around 6 per cent, followed by Infosys, HDFC, Bajaj Auto, Maruti, Tech Mahindra and M&M.
The Nifty ended up 0.82% at 14,132.90, while the benchmark Sensex firmed 0.64% to 48,176.80, marking its first close above the 48,000 level.