Indian stocks faced a major crash on Thursday with BSE Sensex losing nearly 3,000 points and NSE Nifty facing a major decline of almost 900 points.

RBI has maintained the same repo-rate in its latest policy meeting. The street was expecting 25 - 50 basis points cut in repo-rate.

Indian Stocks have witnessed a strong move during the last two weeks. While mid-cap and small-cap stocks are still trading low, blue-chip companies have led the current rally.

Indian economy has been going through tough times. While the exports have remained strong in the recent quarters, domestic consumption has taken a hit.

Indian government recently released inflation data and it has raised concerns about consumer demand in coming quarters.

Finance Minister made a surprise announcement on Friday about reducing corporate tax to 25.17 percent.