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HindustanTimes Sat,19 Apr 2014

Sensex drops 152 pts after RBI lowers GDP growth estimates

PTI  Mumbai, July 30, 2013
First Published: 11:03 IST(30/7/2013) | Last Updated: 16:52 IST(30/7/2013)

The BSE benchmark Sensex on Tuesday fell 152 points at mid-session on funds selling as the Reserve Bank lowered GDP projections and kept key interest rates unchanged.

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After a better start, the 30-share index dropped by 151.60 points, or 0.77% to 19,441.68 at 1300 hrs, adding losses of 710 points in the previous four sessions.

Similarly, the broad-based National Stock Exchange index Nifty dipped below a crucial 5,800 level by losing 39.65 points, or 0.68%, to 5,792 with banking and interest related stocks leading the decline.

Brokers said the RBI projections of a lower GDP to 5.5% from earlier estimates of 5.7% for the current fiscal in its quarterly monetary policy meeting mainly dampened the trading sentiment.

They said the bank keeping key interest rates unchanged was much to market expectations but a weaker rupee further dampened the trend.

The banking and interest-sensitive shares suffered the most on fears the unaltered interest rate might hamper earnings of these companies.

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