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Sensex down 160 points; rupee down 28 paise in early trade

BSE

BSE index Sensex today retreated from record high by losing over 160 points where rupee today lost 28 paise to 58.99 against the dollar in early trade

SensexMumbai: The benchmark BSE index Sensex today retreated from record high by losing over 160 points in early trade as cautious investors booked profits in recent outperformers mainly power and PSU sector stocks.

The 30-share barometer, which had gained over 418.86 points in the past three sessions, shed 160.88 points, or 0.65 per cent, to 24,556. The gauge had closed at a new record high of 24,716.88 in yesterday’s highly volatile trade.

On similar lines, the broad-based National Stock Exchange index Nifty fell by 22.35 points, or 0.30 per cent, to 7,336.70.

Brokers said profit-booking at record level by participants who had created positions, in the wake of the Narendra Modi-led NDA coming to power, snapped record-setting spree but narrowing current account deficit at 1.7 per cent of GDP in FY’14 from 4.7 per cent in FY’13 limited the losses.

They said a mixed trend on other Asian markets too influenced trading sentiment here.

In the Asian region, Hong Kong’s Hang Seng index fell by 0.09 per cent, while Japan’s Nikkei Index edged higher by 0.87 per cent. The US Dow Jones Industrial Average ended 0.38 per cent higher yesterday.

Rupee down 28 paise against dollar in early trade

The rupee today lost 28 paise to 58.99 against the dollar in early trade, extending weakness for the third day, on the Interbank Foreign Exchange market due to month-end demand of the US currency from importers.

Forex dealers said dollar strengthening against other Asian currencies in the global market and a lower opening of the domestic equity market also weighed on the rupee.

The domestic currency had closed lower by 19 paise at 58.71 yesterday amid demand for the American currency from oil importers and late profit-booking in equities.

Meanwhile, the BSE benchmark Sensex fell by 160.88 points, or 0.65 per cent, at 24,556.00 in early trade today.

PTI

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