RBI's sudden and unexpected move, which expected to suck out Rs 38 billion from the banking system has mainly affected market sentiments badly on the country's leading bourse when it was passing through a bearish phase, dealers said. Worried over the possible liquidity tightening in the market players resorted to selling spree, resulted in all round selling pressure in heavy=weighted shares from all the sectors, pushing down the S&P CNX Nifty index by 79.50 points to 1317.75 points on Monday.

The report of withdrawal of investment worth Rs 1200 crore by FIIs and MFs in the last week, lack of buying support from investors in view of political uncertainity over action against Thackeray also added fuel o the bearish trend.u dealers said.

Mirroring the weak trend, the S&P CNX Nifty index opened at 1397.05 points, which itself was the higher side, dipped to the low of 1310.85 points, before closing at 1317.75 points, showing a net lose of 79.50 points over the previous day's close of 1397.25 points.