Indian Markets slump over 2% on Friday - LuvKush Finserve

Markets slumped over 2% on Friday weighed down by selling pressure in bank shares after fourth quarter GDP which was in-line with expectations doused hopes of a rate cut by the central bank at its policy review in June. The Sensex crashed in the last hour of trade and ended down 455 points at 19,760. Nifty slumped 138 points at 5,986.

The government announced GDP data for the fourth quarter and fiscal 2013. GDP grew at 4.8% in the fourth quarter ending March 31. India's economy grew by 5% in 2012-13. Metal stocks declined for third day in a row after the International Monetary Fund (IMF) cut its growth forecast for China this year citing a weak world economy and exports.

BSE metal index slipped 1.8% at 8,503. Rate sensitive shares were in the red over worries that the RBI may not cut key rates. BSE realty index led the decline with 3.3% loss at 1,685. Oil & gas index dropped 2.7%, followed by bankex and FMCG indices.

The key notable draggers included ITC which was down over 4% at Rs 340 after the stock was quoted ex-dividend from Friday. SAIL dropped 5% at Rs 56.10 following a 72% decline in net profit at Rs 446.53 crore. Tata Steel ended at Rs 292 - down 3.3%.

Source : Equity Bulls

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