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Sensex plunges 400 pts on rates hike

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ibnlive.com

Last Updated: April 02, 2007, 12:03 IST

Sensex plunges 400 pts on rates hike

Sensex and Nifty went down over 3 per cent on Monday on panic selling as markets plunge after the rates hike by RBI.

New Delhi: Continuing its downtrend after opening in deep red, the markets lost over 400 points on Monday on the wake of recent monetary tightening from RBI in the form of CRR and Repo rate hike to tame inflation.

At 1142 hrs IST, the Bombay Stock Exchange benchmark Sensex was down 402.91 points or 3.08 per cent at 12669.19 as stocks led by banking sector nose-dived on nervous selling by funds after the Reserve Bank announced a slew of tightening measures.

Similarly on the wide-based National Stock Exchange, Nifty went down 133.20 points or 3.49 per cent at 3688.35.

About 520 shares have advanced, 1307 shares declined, and 35 shares are unchanged.

Stockbrokers said raising of short-term lending rates by 25 basis points to 7.75 per cent and also hike in Cash Reserve Ratio by half a percentage points to 6.5 per cent by the RBI, triggered the major sell-off.

All the BSE-30 and NSE-50 stocks were in the negative zone with sizable losses. Sugar stocks have managed to stand out.

Top losers on the Sensex are Bajaj Auto at Rs 2,282.80 down 5.88 per cent, Tata Motors at Rs 685 down 5.87 per cent and Maruti Udyog at Rs 775.65 down 5.37 per cent.

Top losers on the Nifty are PNB at Rs 434.95 down 8.28%, Oriental Bank at Rs 174.15 down 7.19 per cent and Bajaj Auto at Rs 2,275 down 6.29 per cent.

Index heavyweight Hindustan Lever was trading at Rs 199.70 down 2.7 per cent from its previous close of Rs 205.25.

Index heavyweight Reliance was trading at Rs 1,339.90 down 2.08 per cent from its previous close of Rs 1,368.35.

Tech major Infosys was trading at Rs 1,986.75 down 1.28 per cent from its previous close of Rs 2,012.60.

Cigarette major ITC was trading at Rs 149.00 down 0.93 per cent from its previous close of Rs 150.40.

Refinery major HPCL was trading at Rs 243.80 down 1.18 per cent from its previous close of Rs 246.70.
first published:April 02, 2007, 12:03 IST
last updated:April 02, 2007, 12:03 IST