With almost six out of ten stocks ending up as losers on the BSE, wiping out Rs 1.1 lakh crore in investor wealth. 12 out of 13 sectoral indices closed down amid hectic selling.
After a better start, Sensex tumbled by 244.94 poins, or 1.25 percent to end at a nearly three-week low of 19,348.34. The gauge has now lost over 950 points in five days.
Similarly, the broad-based National Stock Exchange index Nifty dipped below of crucial 5,800 level to end with a loss of 76.60 points, or 1.31 percent, at 5,755.05. Also, SX40 index, the flagship index of MCX-SX, closed 139.03 points down, or 1.19 percent, at 11,556.55.
"The buying interest seen after the RBI policy turned out to be a rather trap zone because markets dived down for rest of the day. The selling was broad based with Oil & Gas firms getting badly impacted due to more than 1.5 percent rise in USD/INR. RBI did not announce any major steps to control rupee," said Nagji K Rita, CMD, Inventure Growth & Securities.
Brokers said the RBI projections of a lower GDP growth at 5.5 percent from earlier estimates of 5.7 percent for the current fiscal in its quarterly monetary policy, also dampened the trading sentiment.
Rupee fell below 60-level to a dollar after around three weeks and was last trading at 60.36, down 1.59 percent. In 30-share Sensex pack, 22 stocks closed with losses led by Reliance Industries, Hindalco Industries, GAIL India, Bharti Airtel, Bajaj Auto, ONGC, State Bank of India, ICICI Bank, HDFC Bank, BHEL and Hindustan Unilever.
Oil and gas sector index suffered the most falling 3.89 percent, followed by Realty index down 3.60 percent, Power index by 3.35 percent and auto index by 2.05 percent. "Amongst major earnings, Dr Reddy's results disappointed with profits. NTPC too disappointed with revenue down inspite of lower fuel costs," said Bonanza Portfolio Associate Fund Manager Hiren Dhakan.


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