Sensex slumps 223 points on rate hike, weak global cues (Roundup)

July 28th, 2011 - 6:30 pm ICT by IANS  

Sensex Mumbai, July 28 (IANS) A benchmark index for Indian equities markets slumped 223 points Thursday, taking the last three-day losses to 659 points, as a more than expected rate hike by the Reserve Bank of India and concerns over the US debt crisis weighed investor sentiment.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 18,300.55 points, closed at 18,209.52, down 1.21 percent or 222.73 points from its previous close at 18,432.25 points.

The Sensex touched a low of 18,188.88 points and high of 18,327.85 points in the intra-day.

The benchmark Sensex has lost 659 points since Tuesday when the RBI hiked key policy rates by 50 basis points against the market expectations of 25 basis points.

The 50-scrip S&P; CNX Nifty of the National Stock Exchange closed 59.05 points or 1.06 percent down at 5,487.75 points.

At the broader markets, the BSE midcap closed 0.88 percent down at 6,962.95 points and the smallcap index fell 0.93 percent at 8,361.42 points.

There were heavy selling pressures in metal, realty, banking and oil and gas stocks.

Major losers on the Sensex were: Jaiprakash Associates, down 3.46 percent at Rs.69.85; Reliance Infra, down 2.95 percent at Rs.547.70; Hindalco Inds, down 2.92 percent at Rs.168.00; and Sterlite Industries, down 2.92 percent at Rs.163.05.

Only six of the 30 scrips that form the benchmark Sensex closed in the positive. ITC, up 2.61 percent at Rs.206.05; BHEL, 1.20 percent at Rs.1,846.80; and Hero Honda, up 1.10 percent at Rs.1,822.05 were the major Sensex gainers.

Most global markets slumped on continued concern over the US debt crisis.

The Japanese Nikkei fell below psychological resistance level of 10,000 points mark. The Nikkei closed 1.45 percent down at 9,901.35 points. The Chinese

Shanghai composite index fell 0.54 percent at 2,708.78 points. However, the Hang Seng of the Hong Kong stock exchange ended 0.13 percent higher at 22,570.70 points.

Most European markets were in the red for the fourth straight day.

Around mid-day, Britain’s FTSE 100 was ruling 0.50 percent down at 5,827.56 points, and the French CAC 40 was down 1.14 percent at 3,691.37 points.

The German DAX was down 1.48 percent at 7,145.14 points.

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