Mumbai, July 28 (IANS) A benchmark index for Indian equities markets slumped 223 points Thursday, closing deep in the red for the third straight day after the Reserve Bank of India hiked key policy rates by 50 basis points.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 18,300.55 points, closed at 18,209.52, down 1.21 percent or 222.73 points from its previous close at 18,432.25 points.

The Sensex touched a low of 18,188.88 points and high of 18,327.85 points in the intra-day.

The 50-scrip S&P CNX Nifty of the National Stock Exchange closed 59.05 points or 1.06 percent down at 5,487.75 points.

At the broader markets, the BSE midcap closed 0.88 percent down at 6,962.95 points and the smallcap index fell 0.93 percent at 8,361.42 points.

There were heavy selling pressures in metal, realty, banking and oil and gas stocks.

Major losers on the Sensex were: Jaiprakash Associates, down 3.46 percent at Rs.69.85; Reliance Infra, down 2.95 percent at Rs.547.70; Hindalco Inds, down 2.92 percent at Rs.168.00; and Sterlite Industries, down 2.92 percent at Rs.163.05.

Only six of the 30 scrips that form the benchmark Sensex closed in the positive. ITC, up 2.61 percent at Rs.206.05; BHEL, 1.20 percent at Rs.1,846.80; and Hero Honda, up 1.10 percent at Rs.1,822.05 were the major Sensex gainers.