Weighed down by a weak rupee, the central bank in its monetary policy review earlier in the day decided to keep the repo rate and cash reserve ratio unchanged at 7.25 per cent and 4 per cent respectively. The bank also lowered the GDP growth projection for the current fiscal to 5.5 per cent from 5.7 per cent.
Interest sensitive stocks took a hit, with scrips of automobile, oil and gas, fast moving consumer goods (FMCG) companies plummeting. However, there was good buying in IT, capital goods, and TECk stocks.
At 1.30 pm, the 30-share Sensex was trading at 19,448.43 - down 144.85 points, or 0.74 per cent. At the same time, the 50-share Nifty was trading 39.80 points, or 0.68 per cent, down at 5,791.85.
Major sectoral indices of the S&P BSE which declined included automobile, oil and gas, fast moving consumer goods (FMCG), public sector undertakings (PSU) and metal.
The automobile index plummeted by 149.62 points, followed by oil and gas index which was down 127.59 points, FMCG index was trading 109.88 points lower, PSU index was down 102.18 points, and metal index was 96.30 points down.
However, IT index moved up by 67.10 points, capital goods index increased by 37.13 points and the TECk index was up 6.42 points.
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