Sebi-Irda row casts shadow on markets, Sensex closes 80 points down
The 30-share BSE index Sensex was down 80.14 points or 0.45% at 17,853 points, with 18 components declining. The index had briefly remained positive in the opening trade, rising as much as 62.11 points to 17,995.25 level.
Markets took a breather today and the benchmark Sensex slipped 80 points as sentiment was subdued amid a clash between the two regulators — Sebi and Irda — over an equity-linked insurance product.Further, over 15% growth in industrial output for February failed to lift the sagging market.The 30-share BSE index Sensex was down 80.14 points or 0.45% at 17,853 points, with 18 components declining. The index had briefly remained positive in the opening trade, rising as much as 62.11 points to 17,995.25 level. The 50-share Nifty Index of the National Stock Exchange declined by 0.41% to 5,339.70 points.Analysts said the tussle between the two regulators over regulating equity-linked insurance product Ulips brought in some negativity in the market."Negative investor sentiment over the regulation of Ulips by the two regulators and lower-than-expected IIP data took a hit on stock markets," Ashika Stock Broking Research head Paras Bothra said. India's factory output rose 15.1% in February, from 0.2% a year ago, helped by stimulus measures and robust domestic demand.Last week, the barometer had recorded its ninth straight weekly gain — its best since March-June 2009 when it rose for 14 consecutive weeks.Financial sector stocks edged lower on fears of hardening interest rates at the central bank's monetary policy review scheduled on April 20.