Indian markets were volatile and in negative territory during morning trade on Friday. At 9.25 IST, the 30-share Sensex fell 0.33 per cent to 56,224, while the Nifty was down 0.31 per cent at 16,786, as market participants tracked global cues and awaited RBI’s announcements. The Reserve Bank of India (RBI) increased the repo rate by 50 basis points during the Monetary Policy Committee (MPC) meeting in line with the US Federal Reserve rate hike. Some gainers were Sun Pharma, Reliance, Ultra Cement, PowerGrid, ITC and Kotak Bank, while Asian Paints, Tech Mahindra, TCS, Infosys, Tata Steel and HDFC Bank were among the laggards in the 30-share index. On Thursday, the Sensex closed at 56,410 with a gain of 500 points, down by 190 points. The Bank of England’s intervention to stabilize its currency on Wednesday gave the market morning momentum but negative sentiment soon took hold of investors. The Indian rupee consolidated in a narrow range and closed 13 paise higher at 81.80 against the US dollar on Thursday, ahead of the RBI’s monetary policy decision. The local currency saw a high of 81.58 and a low of 81.94 during the session on Thursday. The rupee finally closed at 81.80, up 13 paise from its previous close.