The Bombay Stock Exchange benchmark index, Sensex, tumbled 162 points, extending its losing run to the sixth day, on fag-end selling after the RBI dashed hopes of a rate cut. After a better start at 18563.32, the index erased early gains of around 92 points after selling in rate-sensitives gathered pace in the last half hour of trading.
The 30-share Sensex finally closed 162 points lower at 18309.37. The National Stock Exchange 50-share Nifty also dropped by 56.95 pointsto finish at a nearly two-month low of 5574.05.
The rupee weakened by a whopping 46 paise to close at a fresh 2-month low of 55.16 on the back of a surge in dollar demand from importers and sustained weakness in local stock market. It commenced lower at 54.85 a dollar from its previous close of 54.70 and remained under pressure to finally close at 55.16.—PTI