Reply #11: Sensex dips 244 pts on rate concerns, weak global cues [View All]

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http://timesofindia.indiatimes.com/business/india-business/-Sensex-dips-244-pts-on-rate-concerns-weak-global-cues/articleshow/10184603.cms

MUMBAI: The BSE Sensex dipped 244 points to 16,453.76, as investors sold across sectors amid weak overseas markets and renewed concerns over further hike in interest rates, high inflation and global economic slowdown.

With this fall, the benchmark has logged a decline of 9.6 per cent in the July-September quarter - biggest dip in three years. Sensex lost 10.4 per cent in the same quarter in 2008.

Brokers said the October derivatives series commenced on a weak note, with Sensex washing out Thursday's gains, as investors sold metals, realty, banking and auto stocks.

They said interest rate concerns gathered momentum as food inflation rose to 9.13 per cent for week ended September 17, from 8.84 per cent in previous week - a development which Finance Minister Pranab Mukherjee had termed as "grave".