Sensex Dives Over 426 Points Ahead Of RBI Meet
ICICI Bank and HDFC Bank led the 27 losers in 30-share Sensex lower. Tata Motors and Tata Steel plunged by over 6 per cent each.
Over 100 stocks on the BSE hit their 52-week lows.
Seeking to assuage investors worried over declining value of the rupee and falling stock markets, the Finance Ministry said India’s economic fundamentals are “very strong” and there is no cause for concern.
The 50-share National Stock Exchange index Nifty dropped by 130.90 points, or 2.09 per cent, to end at 6,135.85, after touching an intra-day low of 6,130.25.
“Weak international cues and rising USD/INR rates are among some key factors that are triggering selling pressure in Indian markets. Uncertainty is also created by upcoming events such as RBI policy meeting and FOMC meeting,” said Milan Bavishi—Head Research, Inventure Growth and Securities.
Sectorally, the BSE Banking sector index dropped by 3.97 per cent. However, the biggest loser was the Realty sector index which slipped 6.82 per cent. The Metal index slid 3.81 per cent and Auto index lost 3.33 per cent.
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