Sensex plunges 301 points |
Market benchmark Sensex plummeted by 300.65 points to 25,489.57 on May 13 as investors feared Reserve Bank would keep interest rates on hold after inflation jumped in April and equity inflows would take a hit if regulator SEBI tightens P-Notes norms.Domestic shares, however, logged their first weekly gain in three days on earnings results, which were in line with market expectations so far, as Sensex rose 261.07 points or 1.03 per cent and Nifty climbed 81.45 points or 1.05 per cent.The week ended on a negative note as two macroeconomic data raised the prospects that RBI would keep interest rates on hold, sending banking stocks such as SBI, ICICI Bank, Axis Bank and HDFC Bank sharply lower. Country`s industrial production plunged to 0.1 per cent in March while retail inflation jumped to 5.39 per cent in April. Meanwhile, acting upon recommendations of the Special Investigation Team on black money, SEBI plans to tighten due diligence requirements for issuance and transfer of P-Notes and put the onus on investors to ensure compliance with anti-money laundering law.
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