Millennium Post

Sensex at four month low

The BSE barometer Sensex on Tuesday plummeted by nearly 370 points to its almost four-month low of 16,546.18 points on brisk selling after RBI’s weak outlook on rate cuts and fresh weakness in the rupee amid persisting FIIs concerns on GAAR and fresh Eurozone worries.

The Sensex fell to a low of 16,502.91 in the morning before and continued in trade in negative zone for most of session and ended at 16,546.18, a steep fall of 366.53 points or 2.17 per cent. Sensex’s market value dropped by over Rs 53,000 crore on Tuesday.

The Nifty fell by 114.20 points to end at 4,999.95. Analysts said though GAAR has been deferred by one year, FIIs would not be flocking to Indian markets just yet as they would still await for more clarity on provisions.

Besides, they will move their operations from Mauritius to Singapore etc, adding to their costs while disturbing operational smoothness.
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