CRR and Repo rate hike

The RBI hiked the repo rate, the rate at which banks borrow from RBI, by 50 basis points and the CRR by 50 basis points,(CRR), Cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with RBI.
Certainly ,it will do an adverse effect on the stock market.Indexes are goin down to my given levels of 3500(nifty)and 11,000(sensex).Currently, at the end of this week trade,nifty is on 4136 and sensex is on 13802.