Indian markets fell on Monday, the first day of trading after Urjit Patel was named the next governor of the Reserve Bank of India. While the Bombay Stock Exchange Sensex declined 91 points to close at 27,985.54, the Nifty index ended 37.75 points lower at 8.629.15.

Public banks were among the biggest losers during the day’s trading, with State Bank of India declining by 1.7% and Punjab National Bank by 0.4%. Shares of Welspun India dropped by their maximum daily limit of 20% after United States-based Target Corporation said it was severing its ties with the company owing to a dispute regarding cotton supply. The shares of Cairn India and Vedanta Ltd. closed lower at 2.95% and 1.9% after Vedanta’s Chief Executive Officer Tom Albanese said that revised offer for a merger with Cairn was final.

Meanwhile, researchers and analysts said they expect Patel to keep interest rates on hold during the RBI’s next policy review on October 4. “Mr Patel is more of an inflation-focused guy…expectations of a deep rate easing have diminished,” said Dhananjay Sinha, the head of research at Emkay Global Financial Services. Patel has earlier headed a panel that recommended changes to India’s monetary policy, including a switch to inflation-targeting and the creation of a committee to set interest rates.