Business

Sensex Tumbles Over 300 pts Ahead Of RBI Policy: On Cues From US, Asia

Mumbai:Sept 29; Markets have witnessed a gap down opening mirroring losses in the global equities with US markets taking a hit on worries about the health of Chinese economy after China's industrial profits fell 8.8% in August amid slump in the commodity prices. Meanwhile, all eyes are set at the RBI fourth bi-monthly monetary policy review for the year 2015-16 slated today at 11 AM.

At 10 am, the 30-share BSE S&P Sensex was at 25,370.55, down 246.29 points, or 1 percent, after sliding to a low of 25,307.94, down 309 points. The broader 50-stock CNX Nifty dropped 77.35 points, or 1 percent, at 7,718.35.

"The global investors are back to being cautious with worries related to China and overall growth of the global economy. In such a scenario all eyes are turned towards the RBI. Expectations are for a rate cut in the policy meet scheduled to be held today. These expectations were visible in the run up seen in the rate sensitive sectors in the previous trading session," said Nitasha Shankar, Vice President - Research, YES Securities.

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