Sensex closes 474 points down, rate hike hits markets
Tuesday, 03 May 2011, 23:36 IST   |    1 Comments
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Sensex closes 474 points down, rate hike hits markets
Mumbai: Interest rate-sensitive stocks closed with losses at Indian equities markets Tuesday after the Reserve Bank of India (RBI) hiked key interest rates. A benchmark index closed 474 points down. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,979.31 points, closed at 18,523.39 points (provisional), down 474.63 points or 2.5 percent from its previous close at 18,998.02 points. The 50-scrip S&P CNX Nifty of the National Stock Exchange shut shop at 5,562.05 points, down 2.44 percent. Among the top losers were auto, banking and realty stocks. All 13 sectoral indices on the BSE ended in the red. Broader markets also closed lower, with the BSE midcap index ending 1.83 percent down and the BSE small cap index closing 2.1 percent down. The RBI hiked its short-term lending rates by 50 basis points to tame inflation and said, in a major policy decision, that the borrowing rate will henceforth remain 100 basis points below it.
Source: IANS
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