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Sensex slips below 19k, falls 138 points on interest rate concern
Tuesday, 03 May 2011, 02:37 IST
Bangalore: The Bombay Stock Exchange Sensex on Monday slid below the 19k mark, lowest in over a month, losing 138 points as investors remained apprehensive of another round of hike in key rates on Tuesday by the Reserve Bank of India in a bid to tame inflation.
Investors chose to ignore positives like rise in core infrastructure growth and exports as well as an upward trend in Asian markets, analysts said.
Banking, consumer durables and PSU stocks lost the most ahead of the annual monetary policy review meeting of the Reserve Bank of India (RBI).
FIIs continued to sell and as per the provisional data, they sold shares worth 
689.89 crore last Friday.
The 30-share index resumed higher at 19,224.05 and moved between 19,253.87 and 18,954.76 before ending the day at 18,998.02 , down 137.94 points or 0.72 per cent from its last weekend's level.
The NSE's 50-share Nifty index also finished lower by 48.20 points or 0.84 per cent to 5,701.30.
Asian stocks ended higher after U.S. President Barack Obama announced that al Qaeda terrorist leader Osama bin Laden has been killed by American troops in Pakistan.
Key indices in South Korea and Japan rose by 1.67 per cent and 1.57 per cent. Markets in China, Hong Kong, Singapore and Taiwan were closed for a local holiday.
"Fear of hike in key policy rates by RBI tomorrow pulled down the market, although global markets continued their north-bound journey," Motilal Oswal Securities Senior Analyst Equities Parag Doctor said.
Meanwhile, IIFL Head of Research (India Private Clients) Amar Ambani said, "The Indian market did not benefit from the news that U.S. troops have killed Osama Bin Laden in Pakistan.
"It also chose to ignore largely positive economic reports on trade data, manufacturing PMI and core sector growth. Traders and investors were nervous ahead of RBI's policy announcement on Tuesday."
Source: PTI
689.89 crore last Friday.
The 30-share index resumed higher at 19,224.05 and moved between 19,253.87 and 18,954.76 before ending the day at 18,998.02 , down 137.94 points or 0.72 per cent from its last weekend's level.
The NSE's 50-share Nifty index also finished lower by 48.20 points or 0.84 per cent to 5,701.30.
Asian stocks ended higher after U.S. President Barack Obama announced that al Qaeda terrorist leader Osama bin Laden has been killed by American troops in Pakistan.
Key indices in South Korea and Japan rose by 1.67 per cent and 1.57 per cent. Markets in China, Hong Kong, Singapore and Taiwan were closed for a local holiday.
"Fear of hike in key policy rates by RBI tomorrow pulled down the market, although global markets continued their north-bound journey," Motilal Oswal Securities Senior Analyst Equities Parag Doctor said.
Meanwhile, IIFL Head of Research (India Private Clients) Amar Ambani said, "The Indian market did not benefit from the news that U.S. troops have killed Osama Bin Laden in Pakistan.
"It also chose to ignore largely positive economic reports on trade data, manufacturing PMI and core sector growth. Traders and investors were nervous ahead of RBI's policy announcement on Tuesday."
Source: PTI
