Sensex slumps 183 points post RBI policy announcement
The BSE benchmark Sensex today fell over 183 points in late morning trade led by weakness in banking sector stocks, as RBI failed to meet market expectations with just 0.25% cut in short-term lending rate and no change in the cash reserve ratio.business Updated: May 03, 2013 12:33 IST
The BSE benchmark Sensex on Friday fell over 183 points in late morning trade led by weakness in banking sector stocks, as RBI failed to meet market expectations with just 0.25% cut in short-term lending rate and no change in the cash reserve ratio.
The 30-share index, which opened in negative zone, fell further by 183.22 points, or 0.92% to trade at 19,552.55 at 1130 hrs, after RBI left the CRR unchanged at 4% and announced just 0.25% cut in key interest rate to 7.25%.
Sensex had rallied by 449.23 points in the previous three sessions.
Similarly, the National Stock Exchange Nifty index Nifty fell by 69.20 points, or 1.15%, to 5,930.15.
The fall was mostly led by interest rate sensitive stocks such as banking after the Reserve Bank did not cut the cash reserve ratio (CRR), brokers said.
The BSE banking index fell by 1.67% to 14,288.64 points as stocks of state-run State Bank of India fell 2.51% to Rs 2,241.65, Canara Bank by 3.32% to Rs 398.35, ICICI Bank by 1.96% to Rs 1,148.45, HDFC Bank by 1.26% to Rs 683.45 and Axis Bank by 1.77% to Rs 1,489.75.
First Published: May 03, 2013 12:27 IST