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RBI measures fail to cheer market, Sensex slips 90 points

Monday June 25, 2012 05:59:52 PM, IANS

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In a bid to prop up the battered currency, the Reserve Bank of India (RBI) Monday hiked the limit of overseas investments in government and corporate bonds and announced a slew of other measures 

New Delhi: The Reserve Bank of India's measures to check the slide of the rupee failed to cheer the market as the benchmark index slipped into the negative soon after the bank's announcement, shedding 90 points.

Amid volatile trade, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which was in the green till late afternoon closed at 16,882.16 points, down 0.53 percent or 90.35 points from its previous close of 16,972.51 points.

The RBI announced a series of measures, including raising limits for external commercial borrowings and government securities, aimed at reviving the battered currency and the economy.

In order to attract foreign funds, it hiked the FII limit for investment in government securities by $5 billion to $20 billion. However, investors felt this was not enough to boost the markets.

The Sensex had touched a high of 17,131.15 points and low of 16,853.05 points in intra-day trade.

The banking index was down by 118.50 points, followed by the power index, down 17.84 points, and the PSU index, down 60.40 points.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) too closed 0.61 percent lower at 5,114.65 points.

Major Sensex losers included Hero MotoCorp, down 2.72 percent at Rs.2027.75; Hindalco, down 2.35 percent at Rs.114.50; ONGC, down 2.31 percent at Rs.272.95; Cipla, down 2.26 percent at Rs.306.60; and SBI, down 1.94 percent at Rs.2114.90.

Major Sensex gainers were Maruti Suzuki, up 1.14 percent at Rs.1113.95; Gail India, up 0.76 percent at Rs.343.45; RIL, up 0.72 percent at Rs.716.20; HDFC, up 0.54 percent at Rs.643.10; and Bajaj Auto, up 0.31 percent at Rs.1550.05.

On the global front, European shares fell as investors looked cautious ahead of a critical European Union summit later this week.

At the closing bell here, France's CAC was 1.68 percent down, while Germany's DAX and Britain's FTSE 100 were trading 1.66 percent and 0.77 percent lower respectively.







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