Sensex slips 1 percent

Mumbai, March 22: A benchmark index for Indian equities Monday closed almost a percent lower, ending four consecutive sessions of gains.

The markets had begun the day with a negative bias after the Reserve Bank of India Friday hiked key policy rates by 25 basis points. Interest-sensitive sectors such as realty and auto suffered the most.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,481.96 points, shut shop at 17,410.57 points, 167.66 points or 0.95 percent lower than its previous close at 17,578.23 points.

At the National Stock Exchange (NSE), the broader 50-share S and P CNX Nifty ended at 5,205.2 points against the previous close at 5,262.8 points, a loss of 1.09 percent or 57.6 points.

Broader markets indices also closed in the red, with the BSE midcap index ending 1.05 percent lower and the BSE smallcap index closing 0.85 percent down.

Realty, metal, consumer durables and auto scrips especially came under selling pressure.

Among the gainers on the 30-scrip Sensex were Reliance Communications, up 1.88 percent at Rs.170.80; Bharti Airtel, up 1.43 percent at Rs.316.30; HDFC Bank, up 1.11 percent at Rs.1,838.45; and TCS, up 0.6 percent at Rs.825.15.

Top losers included Jaiprakash Associates, down 4.34 percent at Rs.146.75; DLF, down 3.61 percent at Rs.301.40; Hindalco, down 3.36 percent at Rs.169.60; and Tata Motors, down 3.02 percent at Rs.760.

Most other Asian markets ended trade in the red.

Hong Kong's Hang Seng closed 2.05 percent down at 20,933.25 points, while the South Korean Kospi ended 0.8 percent lower at 1,672.6 points.

The Chinese Shanghai composite index also closed on a flat note at 3,074.58 points, down a meagre 0.22 percent.

European markets too were in a slump.

The FTSE 100, the benchmark index of the London Stock Exchange, was ruling at 5,597.81 points, down 0.93 percent, while its German peer, DAX, was trading 0.88 percent lower at 5,929.55 points.

The French CAC 40 index was in the red at 3,881.67 points, down 1.12 percent.