Sensex down by 151 points on US rate hike worries

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Mumbai: Brushing aside rate cut hopes, the benchmark BSE Sensex on Tuesday slipped 150.77 points to 25,705.93, with investors staying away from firmer bets, as the focus shifted to US central bank’s policy meet for more cues.

 

Fresh weakness in China too weighed as the Shanghai index fell below the crucial 3,000-mark. Profit-booking was also seen in yesterday’s gainers, which had got a boost on easing inflation numbers.

“Participants ignored the CPI inflation data announced post market,” said Jayant Manglik President of Retail Distribution at Religare Securities.

Bourses closed in red tracking mixed global cues and lack of conviction among participants ahead of the US Federal Reserve two-day policy meeting starting tomorrow, he added.

Meanwhile, government data which came out yesterday showed retail inflation fell to a new low of 3.66 percent in August. Even WPI inflation eased further to (-)4.95 percent in August.

The data raised expectations that the Reserve Bank would cut interest rates for the fourth time this year at its policy review due on September 29.

The 30-share BSE index after shuttling between 25,909.83 and 25,649.37 during the session finally settled lower by 150.77 points or 0.58 percent at 25,705.93. The gauge had gained 246.49 points in yesterday’s session.

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