Sensex down 211 points, banking index by 4.61%
26 July 2013 4:14 AM IST
Snapping a five-day rally, the BSE benchmark Sensex on Wednesday fell from 30-month highs by losing over 211 points on heavy selling in banking stocks as new liquidity tightening steps unleashed by RBI to shore up rupee are likely to hike short-term interest rates.
The 30-share barometer, which had gained 451 points in past 5 days to hit levels last seen on 5 January, 2011, tumbled by 211.45 points, or 1.04 per cent to 20,090.65.
Investor wealth dropped a whopping Rs 78,000 crore on Wednesday as 6 out every ten stocks fell on the BSE platform. The BSE Banking index plunged 4.61 per cent. SBI fell 3.13 per cent, ICICI Bank by 3.73 per cent, HDFC Bank by 3.40 per cent and HDFC by 2.92 per cent were notable losers.
‘Stocks markets sold off sharply on the back of fresh RBI measures. Banks having higher bulk borrowing would get impacted more as bond yields, CP & CD rates are likely to rise sharply,’ said Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities.
The 30-share barometer, which had gained 451 points in past 5 days to hit levels last seen on 5 January, 2011, tumbled by 211.45 points, or 1.04 per cent to 20,090.65.
Investor wealth dropped a whopping Rs 78,000 crore on Wednesday as 6 out every ten stocks fell on the BSE platform. The BSE Banking index plunged 4.61 per cent. SBI fell 3.13 per cent, ICICI Bank by 3.73 per cent, HDFC Bank by 3.40 per cent and HDFC by 2.92 per cent were notable losers.
‘Stocks markets sold off sharply on the back of fresh RBI measures. Banks having higher bulk borrowing would get impacted more as bond yields, CP & CD rates are likely to rise sharply,’ said Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities.
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