NEW DELHI: The Reserve Bank of India on Wednesday kept the repo rate – or the short-term rate at which it lends money to commercial banks – unchanged at 6.25 per cent in its fifth bimonthly policy review . The central bank cut FY17 GVA estimate to 7.1 per cent from 7.6 per cent earlier, following which the stock market and rupee took a beating.Had the central bank cut the repo rate by 25 basis points, it would have been the lowest rate since September 2010.Following the announcement, BSE Sensex was trading about 300 points lower from day's pre-outcome level. The index was trading at 26,256, down 136 points, or 0.52 per cent. The domestic currency, on the other hand, was down 1 paisa at 67.91 against the US dollar. The domestic currency was trading 8 paise higher before the policy outcome.To the relief of the domestic lenders, the central bank said it would withdraw the policy on incremental CRR from December 10. Some banks had earlier said this might help them lower lending rates.HIGHLIGHTS>> Cash curbs could push down prices of perishable items: RBI >> Projects CPI at 5% in Q4 of 2016-17>> RBI to withdraw incremental CRR from Dec 10>> FY17 GVA forecast cut to 7.1%: RBI>> It will be prudent to wait and watch as developments happen: RBI>> Maintains accommodative policy stance>> Six members of the MPC voted in favour of the policy moveThe 10-year benchmark bonds yield declined 0.3 percentage points to 6.18 per cent.The outcome can in as a shocker for the market which was anticipating a cut in the repo rate in the backdrop of easing inflation and rising concerns over a slowdown in the economy. In his maiden policy review on October 4 earlier this year, the MPC had cut the policy rate by 25 basis points.Eighty per cent of the participants in an ETNow survey of analysts had predicted a 25 per cent cut in the policy review, while 10 per cent were of the view that a 50 basis points rate cut was possible.The BSE Sensex has fallen about 7 per cent since the October policy review. The index performance was in line with the selling witnessed in the index in the runup to February 2 policy review (from December 1, 2015 review).