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Sensex looses over 149 points, rupee down 27 paise in early trade

BSE

BSE Sensex today retreated from record high by losing over 149 points; rupee fell by 27 paise to 60.34 against the US dollar in early trade today

SensexMumbai: The benchmark BSE Sensex today retreated from record high by losing over 149 points in early trade as participants booked profits ahead of the industrial output data for February, amid a weak trend in the global markets.

Stocks of realty, banking, metal and capital goods sectors led the fall.

The 30-share index, which had touched a new life-time intra day high of 22,792.49 in yesterday’s trade, slipped by 149.30 points, or 0.66 per cent, to 22,566.03. It had rallied nearly 372 points in the past two sessions.

The National Stock Exchange Nifty moved down by 41.00 points, or 0.60 per cent, to 6,755.40. It breached 6800 level for the first time to touch a new high of 6,819.05 in yesterday’s trade.

Brokers said besides profit-booking by speculators after the recent rally, a cautious approach adopted by funds ahead of industrial production (IIP) data for February to be released later in the day contributed to the decline.

Besides, a weakening trend in the other Asian markets following overnight losses on the US bourses on concerns about the valuations of high-flying technology companies dampened the trading sentiments here, they said.

Among other Asian markets, Hong Kong’s Hang Seng was down 0.36 per cent while Japan’s Nikkei fell 2.88 per cent in early trade today.

The US Dow Jones Industrial Average ended 1.62 per cent lower in yesterday’s trade.

Rupee down 27 paise against dollar in early trade

The rupee fell by 27 paise to 60.34 against the US dollar in early trade today at the Interbank Foreign Exchange market on demand for the American currency from importers amidst its higher value overseas.

Forex dealers said besides dollar’s gains against the euro overseas, increased demand from importers for the US currency and a lower opening in the domestic equity market also put pressure on the rupee.

Yesterday, the rupee strengthened by 7 paise to close at 60.07 against the US currency, which quoted lower in overseas markets.

Meanwhile, the benchmark BSE Sensex fell by 149.30 points, or 0.66 per cent, to 22,566.03 in early trade today.

PTI

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