Sensex Ends Below 16K

The BSE Sensex fell below the 16k mark today, down 287 points at 15,864.86, on persistent selling in line with weak global markets amid investor worries over the euro-zone debt crisis and a slump in domestic banking stocks led by SBI after a cut in its ratings.

Besides banks, auto, PSUs, refinery, metals and FMCG were top sectoral losers from the Sensex pack.

Banking major State Bank of India slumped to 52-week low after Moody's Investors Service cut its bank financial strength rating (BFSR), or stand-alone rating, to D+ from C-.

Already, banking stocks have been under pressure on worries that rising interest rates would hurt borrowers' ability to repay loans and increase defaults.

ICICI Bank and Axis Bank hit 52-week lows as well. Auto stocks fell on worries that high interest rates and rising petrol prices may hit car and two-wheeler sales this festive season.

From: http://ping.fm/ZGYzw