Sensex down 264 points as bank, refinery stocks dip
The 30-scrip Sensex, which had lost 111.40 points in the previous session on Wednesday, tumbled another 1.51%, its biggest fall since March 26.
The BSE benchmark Sensex on Monday fell 264 points, biggest single-day dip in two weeks on heavy selling by funds in bluechips, especially banking and refinery stocks, on profit booking amid weak Asian markets.The 30-scrip Sensex, which had lost 111.40 points in the previous session on Wednesday, tumbled another 263.88 points, or 1.51% to 17,222.14, its biggest fall since March 26. The market remained closed on Thursday and Friday for public holidays.The NSE 50-scrip index Nifty dropped 88.50 points, or 1.66% to 5,234.40.A weak trend in the Asian region further fuelled the selling trend, amid weak jobs data in the US. European markets were closed for 'Easter Monday'.Brokers said investors were concerned over rising commodity prices that could fan inflation and reduce chances of rate cut by the Reserve Bank in the annual monetary policy meeting on April 17.Sensex heavyweights Reliance Industries and Infosys fell 0.60% and 0.97%.In the banking sector, ICICI Bank fell by 2.29%, SBI - 2.91%, HDFC Bank - 0.69%, Bank of India - 1.70%, Canara Bank - 3.26% and Union Bank - 1.39%.Except Healthcare, all the other 12 sectoral indices closed with losses. Of 30 Sensex stocks, 25 declined.