Sensex dips below 20,000; ignores rate cut by RBI

January 29, 2013 16:42

The BSE benchmark Sensex on Tuesday dipped below 20,000 level by losing 112 points on profit selling by investors triggered by lower economic growth projections by RBI even as it cut lending rates by 0.25 per cent.

The Sensex ended lower by 112.45 points, or 0.56 per cent, to 19,990.90.

The gauge touched the day's high of 20,203.66 following interest rate cut announcement, but touched a low of 19,970.05 as the RBI projected a lower economic growth for the current fiscal.

The broad-based National Stock Exchange index Nifty lost 24.90 points, or 0.41 per cent, to 6,049.90, after touching the day's high of 6,111.80.

The Reserve Bank trimmed the economic growth projection for the current fiscal to 5.5 per cent, from 5.8 per cent estimated earlier and said it was necessary to arrest the decline in growth as inflation risks moderate.

The market failed to cheer the RBI's decision to reducing key interest rates by 0.25 per cent and releasing Rs 18,000 crore additional liquidity into the financial system.

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