Sensex down 271 points with RIL plunging 3.71 pc

Mumbai: The BSE Sensex fell 271 points today to close below the 18,000 mark as investors sold stocks, including blue-chip Reliance Industries, over concerns that surging oil prices will stoke inflation and lead to even higher interest rates.
The Bombay Stock Exchange benchmark index Sensex, dipped 271.06 points to close at 17,878.81 after touching the day’s low of 17,849.53, with investors selling oil and gas, auto, realty and banking stocks.
The gauge had lost 208.82 Points yesterday after the Reserve Bank increased key rates for the eighth time since last March, and revised upwards inflation forecast to 8 per cent for the fiscal ending this month, from earlier prediction of 7 per cent.
Similarly, the broad-based National Stock Exchange index Nifty lost 72.95 points, or 1.34 per cent to 5,373.70, after hitting a low of 5,366.40 points during the session.