Sensex crashes by 263.58 points

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Mumbai, July 29 (UNI) The benchmark Sensex of Bombay Stock Exchange (BSE) today resumed in the red at 14,085.53 with a big loss of 263.58 points from it last close of 14,349.11 in anticipation of today's quarterly review of RBI's monetary policy.

The key benchmark indices opened weak, tracking negative global cues. Investors were also cautious ahead of RBI's monetary policy review scheduled at noon.

The market breadth was weak as selling was witnessed across the board. Rate sensitive banking stocks fell and Reliance Industries also slipped.

US stocks tumbled yesterday on reports that federal regulators seized two more failed US banks late last week, triggering a sharp sell-off in financial shares. The Dow Jones industrial average lost 239.61 points, or 2.11 per cent, to 11,131.08. The Nasdaq composite index declined 46.31 points, or 2 per cent, to 2,264.22. The S &P 500 index fell 23.39 points, or 1.86 per cent, to 1,234.37.

Asian markets were weak. China's Shanghai Composite, Japan's Nikkei, Hong Kong's Hang Seng, Taiwan's Taiwan Weighted, Singapore's Straits Times and South Korea's Seoul Composite were down by between 1.19 per cent to 3.27 per cent.

The 30-share BSE Sensex was down 236.15 points or 1.65 per cent at 14,112.96. The index lost 321.2 points at the day's low of 14,027.91, hit in early trade.

The broader based S &P CNX Nifty index of NSE was down 66.25 points or 1.53 per cent at 4,265.85 from its last close of 4332.10. It resumed flat at 4332.20 points.

India's largest private sector firm by market capitalization and oil refiner Reliance Industries slipped 1.28 pc to Rs 2,151.10.

Banking stocks fell as ICICI Bank was down 4.82 pc to Rs 631.50 followed by State Bank of India by 2.86 pc to Rs 1,378.55, HDFC Bank by 2.22 pc to Rs 1,102.

India's largest home loan lender by operating income HDFC fell 2.85 pc to Rs 2,158.10.


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