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BSE Sensex below crucial 20k level, tanks nearly 400 pts

Sep 23 2013, 13:48 IST
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BSE Sensex had plunged by 382.93 points in the previous session on Friday. BSE Sensex had plunged by 382.93 points in the previous session on Friday.
SummaryThe index had lost 383 pts in previous session as RBI unexpectedly hiked repo rate.

The BSE benchmark Sensex fell below the crucial 20,000 level at mid-session today, losing 388 points on sustained selling by funds on concerns that RBI might take more measures to curb inflation.

It had last ruled below this level on September 18.

After losing 383 points in the previous session as Reserve Bank of India unexpectedly hiked repo rate, the Sensex lost another 388.46 points, or 1.91 per cent, to 19,875.25 at 1 pm, led by financial and interest-sensitive sectors. The gauge traded below 20,000 level on September 18.

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Similarly, the National Stock Exchange index Nifty dropped by 128.25 pints, or 2.13 per cent, to 5,883.85.

Brokers said increased selling by funds as well as retail investors after RBI Governor Raghuram Rajan on Friday unexpectedly raised repo rate to combat inflation mainly dampened the trading sentiments.

They said absence of directions from the overseas bourses, with Japan and Hong Kong markets being closed for a public holiday, also forced funds to reduce their positions.

Earlier, the NSE bank falls 3.7 per cent, adding to Friday's 4.1 per cent slump. ICICI Bank falls 3.9 per cent while State Bank of India (SBI) is down 3.95 per cent.

However, Titan Industries Ltd gains 0.9 per cent as India will start buying gold again after a two-month gap as the government and banks have agreed how new rules on imports should work, dealers say.

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