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Sensex tumbles over 335 points, rupee falls 18 paise

BSE

BSE Sensex today plunged over 335 points and  rupee depreciated by 18 paise to 62.84 a dollar in early trade

SensexMumbai: The benchmark BSE Sensex today plunged over 335 points in early trade, extending losses for the second session as funds and retail investors engaged in reducing positions amid a weak trend in global markets.

The 30-share barometer, which had lost 240.10 points in the previous session, fell by 335.33 points, or 1.58 per cent, to 20,798.23.

Stocks of banking, capital goods, metal, auto, power and consumer durable sectors declined due to profit-booking.

Similarly, the wide-based National Stock Exchange index Nifty fell by 80.80 points, or 1.29 per cent, to 6,185.95.

Brokers said a weak trend prevailed in the Asian region and markets remained under pressure as the US Federal Reserve is poised to continue tapering its stimulus program. The market sentiment was also dampened by tighter credit conditions in China, raising fears of a slowdown, they added.

In the Asian region, Japan’s Nikkei Index was down 2.49 per cent, while Hong Kong’s Hang Seng index shed 2.28 per cent in early trade.

The US Dow Jones Industrial Average ended 1.96 per cent down in Friday’s trade.

Rupee falls 18 paise against dollar in early trade

The rupee today depreciated by 18 paise to 62.84 a dollar in early trade on the Interbank Foreign Exchange market due to appreciation of the American unit against major currencies overseas.

Increased month-end demand for the dollar from banks and importers also put pressure on the rupee.

Dealers attributed the rupee’s fall to dollar gains against major currencies overseas and a lower opening in the stock market.

The rupee had lost 73 paise to close at two-month low of 62.66 against the US currency on strong dollar buying by banks and importers.

Meanwhile, the benchmark BSE Sensex was down by 335.33 points, or 1.58 per cent, at 20,798.23 in early trade today.

PTI

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