Sensex Sinks As RBI, Monsoon and Greece Keep Investors On The Edge

By Sunil Fernandes
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Benchmark indices dropped sharply in trade as investors turned cautious after the Reserve Bank of India in its Monetary policy today said that it was frontloading repo rate cuts.

    Sensex Sinks As RBI, Monsoon and Greece Keep Investors On The Edge
    Indices

    The country's monsoon forecast was also downgraded to 88 percent of the long-term average, Earth Sciences Minister Harsh Vardhan said. To compound misery, European markets saw heavy selling pressure on worries that Greece may default on loans.

    The Sensex fell a huge 660 points, while the Nifty dropped 196 points in trade as further rate hikes now seemed a remote possibility.

    Leading the set of losers from the Nifty were banking stocks both from the private and the public sector banking space. Axis Bank, IndusInd Bank, Yes Bank, State Bank of India, HDFC Bank and Punjab National bank were among the losers.

    The biggest drop was seen in Union Bank of India which fell a huge 7 per cent in trade.

    Heavyweight, ITC dropped 3 per cent after the Maharashtra State Government banned the sale of loose cigarettes.

    Reliance was the only gainer from the Nifty constituents in trade. Bharti Airtel also managed to end the day flat, while all other Nifty constituents ended deeply in the red.

    Shares in Hero Motor Corp dived after sales volume dropped 5 per cent for the month of May. Emami fell 5 per cent despite reports that the company inked a deal to acquire hair & scalp care business of Kesh King.

    Meanwhile, markets across Europe fell sharply as Greece debt crisis kept investors on the edge. European markets sold-off adding to pressure on the Indian markets.

    GoodReturns.in

    Read more about: sensex nifty
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more