Indian stock markets turned weak on Wednesday after the Reserve Bank of India raised its repo rate by 25 basis points to 5.5 percent and shifted its stance to calibrated tightening. The hike, the first in nearly four years, came amid rising inflation risks and elevated global bond yields.

At 12.03 pm, the Sensex was down 103.52 points, or 0.14 percent, at 72,964.29, while the Nifty fell 72.50 points, or 0.32 percent, to 22,703.60. Both indices opened firm but slipped after the policy announcement. In the morning session, the Sensex had touched a low of 72,652.47.

Rate-sensitive stocks led the decline. Titan Company fell 3.97 percent to Rs 4,369.40, SBI Life dropped 1.90 percent, and Hindalco lost 1.80 percent. Only four of the 50 Nifty constituents were trading in the green, with Dr Reddy’s, Cipla, Bharti Airtel and Coal India gaining.

Elevated crude prices also weighed on sentiment, with Brent trading above 101 dollars a barrel. Analysts said the stance shift suggests the central bank may hike again if inflation stays high.