Mumbai: The Sensex ended down 351.18 points or 1.3 per cent at 26837.20 and the Nifty slipped 101.35 points or 1.2 per cent at 8135.10. About 622 shares advanced, 2111 shares declined and 121 shares were unchanged.
NTPC, Infosys, Coal India, Bharti Airtel and HDFC Bank were top gainers in the Sensex. Among the losers are Tata Power, ITC, ONGC, SBI and GAIL.
Independent market expert Anand Tandon believes things changed fundamentally for the market in RBI Governor's statement on Wednesday. Tandon said, "The growth data is not what we are seeing currently, but what we can't to see. If the government doesn't have place to cut Rates and at the same time if the economy is going to slow down, then why would one hold on to stocks that are dependent on interest rates."
He says the sell-off in private banks is justified as they too are over-valued. He believes there's only so much the banks can push in terms of retail lending if credit growth is not seeing an uptick. The steep fall is still not good enough believes Tandon as most stocks are anyway overvalued.
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