Equity markets tumble after Reserve Bank hikes rates (Roundup)July 29th, 2008 - 7:46 pm ICT by IANS
Mumbai, July 29 (IANS) Indian equity markets ended Tuesday with a deep cut after the Reserve Bank of India (RBI) hiked the cash reserve ratio by 25 basis points and repo rate by 50 basis points. Rate sensitive sectors such as banking, realty and capital goods sectors were the worst hit.
Except FMCG, all sectoral indices ended the day in the negative.
The market opened on a negative note and slumped after the apex bank announcement, ending the day deep in the red.
The 30-share Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 14,085.53 points, touched a low of 13,727.14 before closing at 13,791.54 points. It went down 557.57 points or 3.89 percent at the day’s close.
The National Stock Exchange (NSE) S&P Nifty, which opened at 4,332.2 points, closed at 4,189.85 points. It went down 142.25 points or 3.28 percent.
The BSE Midcap index, which closed at 5,488.58 points, went down 142.20 points or 2.53 percent.
The BSE Smallcap index, which closed at 6,831.01 points, went down 81.97 points or 1.19 percent.
The market breadth was negative. On BSE, 963 shares advanced, 1,672 declined and 72 remained stable.
Among the top losers, HDFC Bank at Rs.1127.07 lost 8.71 percent, ICICI Bank at Rs.663.45 lost 8.45 percent and Reliance Infrastructure at Rs.987.05 lost Rs.7.99 percent.
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