Sensex drops 128 pts; Nifty below 16,400 level
The key equity indices reversed gains and traded with modest losses in the afternoon trade. The Nifty once again slipped below the 16,400 level after hitting the day's high of 16,514.30 in mid-morning trade. Shares of realty, media and PSU banks were in the green while FMCG, consumer durables and oil & gas stocks corrected. Shares turned volatile after the RBI announced a hike in the key repo rate by 50 basis points to 4.90%.