Mumbai: The BSE benchmark Sensex on Monday slumped by 134.26 points to end at two-week low of 19,293.20 on heavy selling in global markets on reports of a proposed bailout of Cyprus which renewed concerns over Eurozone crisis. (Agencies)
The Sensex, which had lost 143 points in the previous session, fell by 134.36 points, or 0.69 percent, to 19,293.20, a level last seen on March 6. The broad-based National Stock Exchange index Nifty dropped by 37.35 points, or 0.64 percent to 5,835.25.
"The Cyprus issue created an initial panic in the Indian markets, which opened gap-down. For rest of the day, markets did recover a bit but remained on tenterhooks," said Nagji K Rita, Chairman & MD, Inventure Growth & Securities.
Finance Ministers in Euro area reached a pact on March 16 forcing depositors in Cyprus banks to share in the cost of the bailout. The country's Parliament, however, is yet to vote on the proposed Euro 10 billion bailout deal with lenders.
Brokers said funds turned cautious and investors offloaded part of their positions before the Reserve Bank of India policy meeting on Tuesday. ICICI Bank dropped by 1.50 percent, SBI by 0.58 percent and HDFC Ltd by one percent.
Among other interest-sensitive stocks, DLF fell by 0.84 percent, Unitech by 3.15 percent, Maruti Suzuki by 2.98 percent, Bajaj Auto by 2.06 percent and Tata Motors by 1.55 percent. Reliance Industries also dropped by 1.45 percent and
Infosys by 0.77 percent.
Sectorally, the metal sector index suffered the most by losing 2.34 percent to 9,045.62, followed auto index by 1.44 percent to 10,472.49. Realty sector index lost 1.21 percent to 2,023.53 and Banking index by 0.67 percent to 13,475.58.
Mumbai: The BSE benchmark Sensex on Monday slumped by 134.26 points to end at two-week low of 19,293.20 on heavy selling in global markets on reports of a proposed bailout of Cyprus which renewed concerns over Eurozone crisis.