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Sensex sheds 110 points

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MUMBAI: The Bombay Stock Exchange sensitive index fell 110 points on Monday on the eve of the Reserve Bank’s annual credit policy as investors adopted a cautious stance, amid impressive fiscal earnings by ICICI Bank and Reliance Energy.

Marketmen said investors did not buy new shares in view of strong anticipation of hike in the repo rate that could lead to increase in interest rates, even as there are reports of fiscal measures such as imposition of export duty on steel products being in consideration of the government to contain surging prices. RBI is scheduled to announce the credit policy on Tuesday.

After a promising start, the Sensex moved in a narrow range before ending at 17015.96, a net fall of 110.02 points against Friday’s close of 17125.98.

It touched the intra-day high of 17271.56. The 50-share S&P CNX Nifty of the National Stock Exchange also dropped by 22.05 points to close at 5089.65 against 5111.70. There were fears in the market that soaring global crude oil prices, which neared $120 a barrel level in Asian trade, will further push up inflation, marketmen added. — PTI


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