Mumbai, Mar 15 (IANS): Indian equities closed in the red Thursday with a benchmark index slipping 238 points as investors were disappointed after the Reserve Bank of India (RBI) left key interest rates unchanged and said curbing inflation still remained its primary focus.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,916.85 points and closed at 17,681.40 (provisional), down 237.9 points or 1.33 percent compared to its previous close at 17,919.30 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed in the negative at 5,378.05 points, down 85.85 points or 1.57 percent from its previous close.

The RBI indicated that it may overlook sluggishness in growth but would work towards lowering inflation.

"Notwithstanding the deceleration in growth, inflation risks remain, which will influence both the timing and magnitude of future rate actions," the central bank said.

Broader markets also closed in the red with the BSE 500 index ending 1.48 percent lower. The BSE midcap closed 1.4 percent down, while the BSE small cap index ended 0.96 percent lower.