Sensex extends early losses; plunges over 400 points
Zee Media Bureau
Mumbai: The BSE benchmark index Sensex fell by over 400 points in afternoon trade Monday, extending losses for the second straight session, on sustained selling by funds and retail investors after an unexpected hike in repo rate by the Reserve Bank last week.
The 30-share index fell by 402 points to 19,862 after hitting an intra-day low of 19,82630, with shares of banking, realty, capital goods and auto sectors leading the fall. It had plunged by 382.93 points in the previous session on Friday.
Similarly, the National Stock Exchange index Nifty declined by 130 points to 5,882.
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 cues from the overseas bourses, as Japan and Hong Kong markets are closed today for a public holiday, also forced funds to reduce their positions.
With PTI Inputs