Global cues, RBI’s lending rate cuts subdue equity indices; Sensex falls 350 points

Global cues, RBI’s lending rate cuts subdue equity indices; Sensex falls 350 points
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Mumbai: Broadly negative global cues along with disappointment over the RBI’s lending rate hike and profit booking dragged the key Indian equity indices — NSE Nifty50 and S&P BSE Sensex — deep into the red on Thursday.

According to market observers, heavy selling pressure was witnessed in the interest sensitive stocks like banking, automobile and capital goods which plunged a day after the RBI hiked its key lending rates by 25 basis points.

At 3.30 p.m., the wider Nifty50 on the National Stock Exchange provisionally closed at 11,244.70 points, lower by 101.50 points or 0.89 per cent from its previous level of 11,346.20 points.

The 30-scrip BSE Sensex, which had opened at 37,529.69 points, traded at 37,165.16 (3.30 p.m.) — lower by 356.46 points or 0.95 per cent from its previous close of 37,521.62 points.
On an intra-day basis, it touched a high of 37,529.69 points and a low of 37,128.99 points.

The top gainers on the Sensex were Power Grid, Coal India, Hindustan Unilever, IndusInd Bank and Wipro while Bharti Airtel, Kotak Mahindra Bank, Maruti Suzuki, Reliance Industries and HDFC lost the most.

IANS