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Markets in a tailspin; Palanimanickam comments, rupee drag indices lower
The BSE Sensex ended the day lower by 320 points at 16,831 points, while the Nifty ended the day lower by 101 points at 5086 points. The Nifty today closed below its 200 day moving average. Banking stocks were hit badly, with ICICI Bank, State Bank, Bank of Baroda and UCO Bank seeing severe selling pressure.
Foreign funds turned sellers on fears that a review of the tax treaty would hit them badly. A substantial amount of foreign money flows into the Indian markets through Mauritius. A review of the tax treaty is likely to see a sell-off from foreign funds.
Meanwhile, the rupee added to the misery of the markets by hitting a fresh low of Rs 53.80. The currency is now close to its all time low of 54.31.
Among the few shares that gained in trade today were Ranbaxy, Wipro and Cipla.
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