Sensex plummets over 800-points on sinking rupee, weak global cues
What's the story
The BSE benchmark Sensex plummeted over 800-points in the afternoon session today as rupee sank to another low amid boiling crude prices, weak global cues. The rupee plunged to a new low of 73.81 against USD. The BSE 30-share barometer pared some losses and was trading at 616.15 points, or 1.71%, lower at 35,359.48 at 12:45 pm. The gauge lost nearly 550 points yesterday.
NSE Nifty
NSE Nifty index too fell 213.15 points
The NSE Nifty index too fell 213.15 points, or 1.96%, to 10,645.10. All sectoral indices were trading in the red, with IT, auto, pharma, banking, and realty stocks witnessing most losses. Top laggards include Reliance Industries, Hero MotoCorp, TCS, Adani Ports, HDFC Bank, Infosys, HUL, HDFC, and Bajaj Auto, falling up to 6%. While, Yes Bank was the top gainer, rising up to 2.18%.
Prediction
Weakness likely to continue in coming sessions: Analysts
According to analysts, the equity benchmark indices have fallen nearly 10% from peak levels attained in August, led by weak domestic sentiments, global uncertainties, depreciating rupee and strengthening crude oil prices. With rupee and crude oil showing no signs of stability, weakness is likely to continue in the coming sessions, they said. Meanwhile, Brent crude breached $86 per barrel level, nearing its four-year high.
Details
Volatility seen in most Asian markets: Brokers
Brokers said volatility was seen in most Asian markets as high US yield and good economic data led to fear that investors would move to the US, dampened trading sentiments in India. Elsewhere in Asia, Hong Kong's Hang Seng, Japan, Singapore, and Taiwan were trading sharply lower by falling up to 2%. The US Dow Jones Industrial Average, however, ended 0.20% higher yesterday.