The benchmark equity indices made further declines into the negative territory during the previous one hour of trade and hit new intraday low as selling intensified among rate sensitive stocks after the Reserve Bank of India (RBI) in its first monetary policy review of 2012, raised repo and reverse repo rates by 50 basis points (bps), thus breaking its calibrated approach. The repo rate now stands at 7.25%, while reverse repo rate is at 6.25%. However, the CRR has been left unchanged at 6%. The market participants were expecting the 25 bps hike. Such a move would help ease liquidity in the banking system and cool down the inflation in near week.