Sensex dips 155 points in early trade
Investors offload banking stocks as also that of Tata Steel, leading to the slide on the BSE benchmark index.india Updated: Dec 11, 2006 11:18 IST
Investors offloaded banking stocks as also that of Tata Steel, leading to a slide of 155 points on the Bombay Stock Exchange benchmark index Sensex in early trade on Monday.
The 30-share Sensex, which lost more than 172 points on Friday, slid another 155.86 points to 13,643.63 in the first ten minutes of trade.
Similarly, the National Stock Exchange index Nifty fell by 46.70 points at 3,915.30.
Stockbrokers said the hike in CRR of banks by 50 basis points to tighten liquidity and contain inflation, triggered fresh round of selling, particularly in banking sector stocks by foreign funds and retail investors.
The major losers, which dragged the Sensex down were State Bank of India, ICICI Bank, HDFC Bank, Infosys Technologies, Bajaj Auto, Maruti Udyog, Tata Motors, Dr Reddy's Lab, ACC and Grasim Industries.
Tata Steel stocks faced increased selling pressure and lost Rs 14 at Rs 467.90 after company raised its bid to $9.2 billion dollars for acquisition of Anglo-Dutch steel giant Corus from the earlier value of $8.1 billion.