The Sensex opened 83 points higher at 13,601,but soon slipped in the red as investors pressed heavy sales in bank stocks after the Reserve Bank yesterday hiked interest rate on FCNR (B) and NR(E)RA deposits and expanded the liquidity adjustment facility scheme.
The index moved in a range of 493 points between 13,128(low) and 13,621 (high) before finally settling with a loss of 288 points at 13,230(provisional).
The market breadth was negative - out of 2710 stocks traded, 1743 declined, 882 advanced and 85 were unchanged today.
The NSE Nifty dropped 66 points to settle at 4008 (provisional).