Sensex down 321 points on global cues

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Mumbai, Jul 29: Tracking a weak global trend and ahead of RBI's quarterly monetary policy review on Tuesday, July 29, the Bombay Stock Exchange benchmark Sensex plunged by 321 points in early trade.

The 30-share index, which had gained 74 points yesterday, tumbled by 321.20 points to 14,027.91 points on all-round selling by funds as well as retail investors. Similarly, the wide-based National Stock Exchange index Nifty dipped by 88.90 points to 4,243.45 following a steep fall in banking stocks led by ICICI and HDFC Bank.

Stock brokers said melt down on the global stock markets, and cautious approach by market participants ahead of the RBI's monetary policy announcement today, mainly influenced the trading sentiments here.

They said Hong Kong share market opened down 2.46 per cent tracking an overnight fall on Wall Street with most blue-chip stock in the red.

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