The Sensex slumped 661 points and the Nifty dropped nearly 200 points on Tuesday, even as the rate cut by the RBI was in line with street expectations, as downgrade of monsoon forecast raised fears of higher inflation adding to the uncertainty of further easing of key policy rates in the near future. Meanwhile, the slow pace of recovery in the economy also weighed on market sentiment. The 30-share Sensex ended down 661 points at 27,188 and the 50-share Nifty closed 197 points lower at 8,236. All sectoral indices ended in the red with rate sensitive sectors leading the decline.
BSE Realty index was the top loser down 4% while Bankex ended down 3.7% and Auto index ended 2.3% lower. Among others FMCG and Metal indices ended down over 2% each. Sun Pharma extended losses and ended down 2.5% amid weak March quarter results post the acquisition of Ranbaxy.
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