Sensex falls 455 points; GDP dashes rate cut hopes

Mumbai: The BSE Sensex and the Nifty fell 2 per cent on Friday, marking their biggest single day percentage fall since March 2012 as lenders such as ICICI Bank reeled after economic growth data came in line with expectations, dashing hopes the RBI would cut interest rates in June.

ICICI Bank Ltd provisionally fell 2.9 per cent, while HDFC Bank Ltd ended 3.5 per cent lower.

Reserve Bank of India Governor Duvvuri Subbarao's comments on Thursday that retail inflation is still high, and several upside risks to inflation remain were also seen adding to an already cautious mood.

The BSE Sensex provisionally fell 2.24 per cent, while the Nifty ended down 2.26 per cent, marking their lowest close in a week.