The Sensex opened with a huge negative gap of 260 points at 12,812 following the Reserve Bank of India (RBI) decision to hike the cash reserve ratio and repo rate last Friday.
Unabated selling, mainly in auto and banking stocks, saw the index drift to lower levels as the day progressed. The index tumbled to a low of 12,426 before finally settling with a hefty loss of 617 points (4.7%) at 12,455. In the process, the index today recorded its second-biggest loss ever in absolute terms.
The BSE Mid-cap index plunged 3.3% (175 points) to 5209, and the Small-cap index slumped 2.7% (176 points) to 6294. The Bankex and the auto index tumbled around 6% each to 6153 and 4570, respectively. The IT, Metal and Oil & Gas indices dropped around 4% each to 4673, 8132 and 6172, respectively.
The market breadth was fairly bearish - out of 2,546 stocks traded, 1,771 declined, 702 advanced and 73 were unchanged today.
Read more in The Business Standard article.
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