Indian equities markets continued to consolidate as market got a expected trigger from the RBI’s monetary policy. The Reserve Bank of India (RBI) hiked its key short term repo and reverse repo rates by 25 basis points each. This was in line with the market expectations. The new repo and reverse repo rates stand at 6.75% and 5.75% respectively. The central bank however left the cash reserve ratio unchanged despite contention by bankers that such a move would help ease liquidity in the banking system.