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Sensex drops 300 pts; SBI tumbles 4%; Rupee down 39 paise
18 Jun 2012, 02:34 PM
The 30-share BSE Sensex extended fall, losing 300 points due to consistent broad-based selling. European markets too shed somewhat gains after Spanish bond yields rose to a record high.

The BSE benchmark plunged 302 points or 1.78% to 16,647.89, weighed down by 28 stocks. Meanwhile, the NSE benchmark was down 95.95 points or 1.87% to 5,043.10.

The Indian rupee fell 39 paise to 55.78 as against the US dollar. Euro declined 0.56% to 1.26 as against the US dollar.

The Bank Nifty crashed over 3.5% as the Reserve Bank of India kept policy rates and CRR unchanged at its mid-quarter monetary policy review due to higher retail inflation.

Country's largest lenders State Bank of India and ICICI Bank plummeted over 4% while rival HDFC Bank was down 3%. Housing finance company fell over 1%.

Cigarette major ITC, index heavyweight Reliance Industries and top commercial vehicle major Tata Motors were down 1.8% each.

Engineering and construction major by sales Larsen & Toubro and state-owned capital goods company BHEL dropped 2% each.

Technology majors TCS, Infosys and Wipro were down 1% each. Top telecom operator Bharti Airtel was down over 1%.

Shares of Sterlite Industries tumbled over 4.5% and state-owned gas transportation services provider GAIL slipped nearly 3%.

However, Tata Steel and Bajaj Auto shed somewhat gains, rising just 0.5% each.

About 2.7 shares declined for every share advancing on the National Stock Exchange.

Among European markets, France's CAC and Germany's DAX were marginally down whereas Britain's FTSE was down 0.2%. Spain's 10-year bond yield rose to a record high of 7.05% and Italy's 10-year govt bond yield was up by 14 basis points at 6.06%.

At 13:47 hours IST: Sensex down 250 pts; Tata Steel, Bajaj Auto, CIL outperform

The BSE Nifty continued to trade below the 5100 level, falling over 1% since the announcement of mid-quarter policy review by the RBI on Monday. However, global markets outperformed Indian
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