The fuel reforms are a very important signal of the government's commitment to tough economic reforms.
Three major central banks have hit the zero limit, the Fed, the European Central Bank and the Bank of Japan.
Janet Yellen is guiding the Federal Reserve towards its first rate rise in a decade armed with traditional economic models that some economists worry could fail her in a world of massive money printing and near zero rates.
Pharma major Lupin and mortgage lender HDFC were the top losers.
Voices from the Treasury are clamouring for lowering rates as this would boost demand.
The move, which could come as a surprise to many investors, was a nod to better prospects for economy and labor market
At the same time, however, officials at the central bank lowered their projections for the long-run target interest rate, evidence of slightly diminished expectations for a nation climbing out of a severe crisis and struggling with demographic headwinds like declining labor force participation.
Emerging markets could be affected by a combination of lower liquidity and higher dollar interest rates caused by a hike in the US Fed funds rate.
History would indicate that a recession is not that far off.
The nomination would put Yellen on course to be the first woman to lead the institution.
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