New Delhi, Apr 7 (IANS): The benchmark indices -- Sensex and Nifty - settled in the red in Thursday's session.

Sensex settled at 59,034.95 points, down 575.46 points or 0.97 per cent, whereas Nifty at 17,639.55 points, down 168.10 points or 0.94 per cent.

For fresh cues, the outcome of the Reserve Bank of India's upcoming Monetary Committee Policy (MPC) meeting, which is expected to be revealed on Friday morning, would be eyed by the investors.

"Volatility increased as the market approached the RBI policy meeting outcome. The latest sectoral outperformers like metals, power and oil & gas sectors were the most hit including mid & small caps," said Vinod Nair, Head of Research at Geojit Financial Services.

"If announcements are in line with market expectations, like rates being unchanged, inflation forecast moderately increased and robust economic outlook maintained, then the market will trade positively considering corrections during the week and falling crude prices or else challenges will prevail."