BSE Sensex fell by a whopping 297 points in late morning trade today on selling by funds as well as retail investors after the country’s economic growth declined to a decade low of 5 per cent.
The 30-share barometer after losing over 150 points in early trade,fell further by 297.83 points,or 1.47 per cent,to slip below 20,000-point level to trade at 19,917.57 points at 1115 hrs.
All the sectoral indices,barring IT,were trading in the negative zone with fall up to 1.49 per cent.
Similarly,the wide-based National Stock Exchange index Nifty declined by 74.30 points,or 1.21 per cent,to 6,049.75.
Trading sentiment dampened on weak GDP growth,which fell to a decade low,and RBI Governor D Subbarao saying yesterday that central bank is concerned about the country’s wide current account deficit (CAD) and still-high retail inflation.
India’s economic growth rate declined to a decade low of 5 per cent in 2012-13. The growth slowed to 4.8 per cent in January-March quarter of 2012-13 compared to 5.1 per cent in the same period previous fiscal.
Bucking the trend,IT sector stocks managed to trade in positive zone mostly supported by a weakening rupee which hit one-year low against the dollar.