The RBI left its key repo rate unchanged at 5.15%, and said it would continue with an accommodative stance after its policy meeting.
The top gainers on the Nifty were Zee, TCS, ITC, L&T and Britannia, while the laggards were Coal India, JSW Steel, Bharti Airtel and Tata Steel.
The NSE's India VIX rose 4.8% higher to 13.96.
Meanwhile, oil prices edged lower before the start of OPEC talks in Vienna later on Thursday, erasing some of the sharp gains made in the previous session on anticipation that producers will expand output cuts and after a sharp drop in US crude inventories.
Among sectoral front, the Nifty Metal slipped 2.5% dragged by Jindal Steel & Power slumped 9%, followed by JSW Steel, Tata Steel, NMDC, Coal India, Tata Steel and SAIL fell over in the range 3-2% respectively.
The most active stocks are ICICI Bank, Zee Entertainment, Yes Bank, Reliance Industries and HDFC AMC.
Shares of Nesco, Polycab India, Whirlpool, Gujarat Gas and Dixon Technologies have hit a 52-week high on the NSE.