The BSE Sensex took a heavy beating after the DMK withdrew its support to the Congress-led UPA Government at the Centre, signalling that the collapse of the incumbent government could turn out to be disastrous for the Indian economy.
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The BSE Sensex was trading at 18,984.10 with a loss over 300 points at around 11:45 AM soon after the news of DMK’s pullout was flashed. The Nifty too shed around 60 points to trade at 5,740.
Earlier, the Reserve Bank of India has reduced the repo rate by 25 basis points to 7.50%. This is the third cut in repo rate in four years. The cash reserve ration (CRR) has been kept unchanged.