Sensex down 90 points in early trade on rate hike fears
The Bombay Stock Exchange fell by another 90 points in early trade on Friday as investors sold stocks amid fears of an impending hike in key policy rates by RBI.business Updated: Apr 16, 2010 09:59 IST
The Bombay Stock Exchange fell by another 90 points in early trade on Friday as investors sold stocks amid fears of an impending hike in key policy rates by RBI.
The 30-share index, which had lost nearly 294 points in the past three sessions, fell further by 89.68 points, or 0.50 per cent to 17,549.58 points with all the sectoral indices trading in the negative.
The wide-based National Stock Exchange index Nifty too slid 27.95 points, or 0.53 per cent to 5,245.65.
Stock brokers said sentiments remained bearish as rising inflation raised concerns of an imminent interest rate hike by the Reserve Bank in its credit policy to be announced next week, triggering selling by major players.
Reliance Industries fell by 0.87 per cent to Rs 1,080.80, Sterlite Industries by 0.02 per cent to Rs 846, Tata Steel by 0.24 per cent to Rs 683.70, State Bank of India by 0.48 per cent to Rs 2,044.30, HDFC Bank by 1.15 per cent to Rs 1,934.80 and HDFC Ltd by 0.86 per cent to Rs 2,674.
Meanwhile, Hong Kong's Hang Seng shed 1.05 per cent and Japan's Nikkei lost 1.35 per cent in the morning trade today.