Mumbai: The BSE benchmark Sensex on Tuesday plunged over 368 points in morning trade, snapping its three-session rising streak. The sensex went down mainly as it got pulled down by financial sector stocks, including ICICI Bank and HDFC, after the RBI raised lending rates for banks.
    
The 30-share barometer slipped below the 20,000 points level by tumbling 368.91 points, or 1.84 percent, to 19,665.57 with all the sectoral indices led by banking and realty, trading in red with losses up to 4.83 percent. The index had gained over 741 points in the past three sessions.
    
The wide-based National Stock Exchange index, Nifty dipped below the 5,800 level by falling 101.95 points or 1.69 percent to 5,928.85.
    
Brokers said that the fresh spell of selling by participants after the RBI last came out on Monday night with a slew of measures, including hiking the lending rates for banks and sucking up Rs 12,000 crore to stem the rupee volatility, dampened the trading sentiment.
    
Under the measures announced, RBI raised lending rates to commercial banks 2 percent to 10.25 percent making the loans costlier.
    
They said, however, a firming trend in the Asian region following overnight gains on the US market, capped the losses on the domestic equity market.
       
The BSE banking index suffered the most by falling 4.83 percent to 12,822.37 as stocks of SBI fell by 5.07 percent to Rs 1,819, ICICI Bank by 5.25 percent to Rs 1,007, HDFC Bank by 2.63 percent to Rs 676.90 and Yes Bank by 8.21 percent to Rs 459.40.
    
In the Asian region, Hong Kong's Hang Seng index traded higher by 0.14 percent, while Japan's Nikkei Index up 0.61 percent, in morning trade.
    
The US Dow Jones Industrial Average ended 0.13 per cent higher in Monday’s trade.

(Agencies)

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