The domestic equity benchmark indices slumped on Wednesday as the Reserve Bank of India (RBI) raised the key policy rate for the first time in nearly four years. The declining rupee amid elevated crude oil prices and sustained foreign fund outflows also weighed on the indices.

The 30-share BSE Sensex shed 429.11 points, or 0.59 per cent, to settle at 72,638.70. The 50-share NSE Nifty lost 173.05 points, or 0.76 per cent, to end at 22,603.05.