Mkts crash, Sensex closes 570 pts down

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Sensex closes over 200 pts in redIT stocks in green amid weak rupeeMarkets flat, Sensex ends up 66 pointsSensex up over 300 pts on rate cut hopes

Mumbai, July 3:: than previously expected, pulled down by high inflation, the central bank's tight policy and record oil prices, a quarterly Reuters poll showed.

Annual inflation, running at a 13-year high of 11.4 per cent in mid-June, could quicken if a nationwide truckers strike against higher fuel prices and taxes that began on Wednesday continued beyond five days, traders said.

Steel stocks fell after producers pledged to cut prices of steel pipes and tubes by 10 per cent after a meeting with the steel ministry.

Tata Steel, the world's sixth-largest steel maker, fell 11.3 per cent to 657.45 rupees, its lowest close in three months. State-run Steel Authority of India fell 9.8 per cent to 128 rupees.

Reliance Industries Ltd, which has the heaviest weight in the BSE index, fell 3.4 per cent to 2,071.10 rupees on foreign fund selling after a few brokerages cut its price target.

Traders said investors were also watching political developments after the Times of India reported on Thursday that the regional Samajwadi Party may demand the removal of the finance minister, oil minister and central bank governor for its support to the government. The 50-share NSE index, or Nifty, fell 4.1 per cent to 3,925.75.