Sensex plunges 500 pts after rate hike

gopalakrishna · 07-29-2008, 02:51 PM

The Sensex plummeted by more than 500 points, following a hike in CRR and repo rates by RBI today.

The repo rate, a key short-term rate, has been increased by 50 bps to 9 per cent.
The central bank has also raised cash reserve ratio, by 25 bps to 9 per cent.

The Sensex in down 530 points or 3.7 per cent and is trading at 13,818 levels. The Nifty has also dropped 150 points or 3.5 per cent to 4,181 levels.

Heavy selling pressure has emerged in the banking stocks with the BSE banking index down by 6.6 per cent at 6315 levels. Axis Bank, shedding 9.8 per cent is the worst hit in the sector.

07-29-2008, 02:51 PM	#1 (permalink)
gopalakrishna Status: Senior Member Join Date: Jul 2008 Posts: 406	Sensex plunges 500 pts after rate hike The Sensex plummeted by more than 500 points, following a hike in CRR and repo rates by RBI today. The repo rate, a key short-term rate, has been increased by 50 bps to 9 per cent. The central bank has also raised cash reserve ratio, by 25 bps to 9 per cent. The Sensex in down 530 points or 3.7 per cent and is trading at 13,818 levels. The Nifty has also dropped 150 points or 3.5 per cent to 4,181 levels. Heavy selling pressure has emerged in the banking stocks with the BSE banking index down by 6.6 per cent at 6315 levels. Axis Bank, shedding 9.8 per cent is the worst hit in the sector. __________________ [SIZE="2"][/size]

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