Top losers are Sun Pharma, Bajaj Auto, L&T, ITC, Hero Moto.
The central bank maintained its bias towards a rate hike.
Markets in countries whose economic fortunes were closely linked to China's growth tumbled.
The 30-share Sensex ended down 538 points at 26,781 and 50-share Nifty ended down 152 points at 8,067.
Financials were the top losers while oil shares also declined amid weak crude oil prices.
Markets shrugged off RBI's neutral stance on key policy rates.
The mismatch between PMI and core sector could also be due to the fact that while core sector is calculated year-on-year, PMI is calculated month-on-month.
However, IT stocks fell on weak growth forecast by Gartner
BSE Bankex and Telecom indices led the fall.
Sensex closed 63.82 points higher at 26,851.05 in Muhurat trading; Nifty rises 18.65 points to end at 8,014.55.
Earning numbers of blue-chips, including ITC and SBI, due tomorrow.
Growth concerns on China, which has already seen the yuan getting devalued twice in August, have rattled global financial markets, including that of India.
IT majors along with metal names Sesa Goa and Hindalco buck trend.
Custodian banks are selling dollars for their foreign fund clients.
Markets across the globe are rallying on hopes that the US Federal Reserve won't lift interest rates until 2016.
U.S. economic growth braked more sharply than expected in the first quarter.
Growth in the eight core sectors jumped to 8.5% in April, due to a sharp pick-up in refinery products and a commensurate rise in electricity generation.
The NITI Aayog's vice-chairman's charge holds ground.
Markets recorded their biggest single-day fall since August 1 amid growth concerns in the euro zone.
Sectors such as Auto, Banks, Capital Goods, FMCG, Metal, Oil & Gas and Power are trading marginally lower.
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Likely to set the ball rolling for Rs 1.72-lakh-cr projects today
The Sensex ended below 28,000 for the second straight day at 27,869.
The 30-share Sensex ended higher by 46 points at 26,360 and the 50-share Nifty gained 16 points at 7,891.
Patna residents discuss what may happen when the EVMs are unlocked on Sunday morningwith Prasanna D Zore/Rediff.com
Sensex ended at 26,272 up 125 points and Nifty ended at 7,831 up by 35 points.
The 30-share Sensex ended down 30.30 points at 28,161.72 and the 50-share Nifty dipped 7.95 points at 8,543.
Markets in green tracking firm global cues.
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The rupee tumbled past 63.00 to the dollar, down about 2 per cent on the day and breaching the previous low of 62.03 hit on Friday despite a spate of measures in recent weeks by the central bank and government to defend it.
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