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BSE Sensex dips below 20k mark,tumbles 297 pts on lower GDP figure

Caution also prevails ahead of release of the GDP data for the quarter through March at 11 a.m.

Written by PTI | Mumbai | Published: May 31, 2013 10:55:47 am

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.

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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.

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