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
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