The Sensex opened 89 points higher at 8,535 backed by gains in banking stocks owing to a 50 basis points rate cut by the Reserve Bank of India late last evening. The index, however, could not hold gains for long as it soon slipped into red.
The banking stocks which opened in green, soon pared gains and slipped into red owing to lack of buying at the counters. Aggressive selling in FMCG and energy shares accentuated the fall in the index. The index tumbled to a low of 8,167 - down 368 points from the day's open.
The Sensex finally (provisional) ended with a loss of 261 points at 8,185.
