Mumbai, June 23: Fears of yet another round of interest rate hike by the RBI today sent stocks lower with the benchmark sensex falling by more than 270 points to a 10-month low.
This is the fourth successive trading session that the sensex has closed in the red.
Investors pressed the sale button in various interest-rate sensitive stocks on fears that a fresh round of money-tightening steps by the central bank could affect corporate Indias performance.
On the Bombay Stock Exchange, the 30-share sensex, after moving in a range of 14510.55 and 14163.45, ended at 14293.32, a fall of 277.97 points, or 1.91 per cent, over last Friday's close. The index has lost more than 1,403 points, or nearly 9 per cent in the past four sessions.
The lowest figure before this was on August 23 last year when it ended at 14163.98.
A similar picture was also seen at the National Stock Exchange where the S&P CNX Nifty ended lower by 81.15 points, or 1.87 per cent, at 4266.40.
Market observers said a whole host of stocks ended deep in the red as investors withdrew and there was no perceptible buying interest.
Reliance Industries closed nearly 3.6 per cent lower at Rs 2022.20, while Hindalco dropped 7.83 per cent, L&T 6.53 per cent, Maruti Udyog 5.43 per cent and Ranbaxy Laboratories 5.38 per cent.