Closing Bell: Sensex tanks 792.17pts

Market indices continued to extend losses in closing trade on Friday, following the announcement of the Reserve Bank of India's (RBI) bi-monthly monetary policy.

The BSE's Sensex plunged 792.17 points to trade at 34,376.99, while Nifty traded 282.80 points lower at 10,316.45.

Large scale losses were incurred on Dalal street, as shares of Maruti Suzuki, Bajaj Finance, HDFC, and ICICI Bank crashed. Shares of oil marketing firms also continued to plunge by nearly 15 per cent.

The Indian Rupee traded at Rs. 73.58 against one US dollar.

The RBI's six-member monetary policy committee kept the repo rate and reverse repo rate unchanged at 6.5 per cent and 6.25 per cent, respectively, as against a 25 basis point hike forecasted by market experts and analysts.

Meanwhile, the central bank fixed bank rate at 6.75 per cent.