The BSE benchmark BSE Sensex today tanked over 325 points to dip below 18,000 level in the early trade on sustained selling,extending losses for the third straight day,as rupee plunged to fresh lows amid a weakening trend overseas.
The 30-share index slipped below 18,000 mark by plunging 325.64 points,or 1.78 per cent,to 17,981.88. All sectoral indices led by financials and realty trading in negative territory with fall up to 3.08 per cent. Sensex had lost over 1,060 points in the previous two sessions.
Similarly,the wide-based National Stock Exchange index Nifty slipped below 5,400 points mark by falling 91.75 points,or 1.69 per cent,to 5,323.
Brokers said sentiments remained extremely bearish on heavy selling on free-fall in the rupee’s value that hit another record low of 63.75 against the dollar,and a weakening trend in the global market as investors bet that the US Fed will soon announce a wind-down of its massive bond-buying programme.
In the Asian region,Hong Kong’s Hang Seng index was down 0.30 per cent,while Japan’s Nikkei Index shed 0.53 per cent in the morning trade today.
The US Dow Jones Industrial Average ended 0.47 per cent lower in yesterday’s trade.
Markets continue downward trend,drops below 18K level
Markets continued to decline for the third day and dropped below 18,000 level to 17,970.98 in late morning trade due to persistent selling pressure from investors amid sustained unloading by foreign funds.
Sharp depreciation of rupee value against the dollar in early trade weakened the market sentiment as the domestic currency breached 64-mark level.
The sensex resumed lower at 18,142.83 and dropped further to a low of 17,970.98 before quoting at 18,167.27 at 1050hrs,showing a loss of 140.25 points or 0.77 per cent from its last close.
The NSE 50-shares Nifty also declined by 41.15 points or 0.76 per cent to 5,373.60 at 1050hrs.
Major losers were Sun Pharma (4.93 pct),M&M (3.55 pct),Tata Motors (3.18 pct),Hero Motocorp (1.91 pct),HDFC (1.85 pct) and Maruti Suzuki (1.77 pct).
Foreign institutional investors (FIIs) sold shares worth a net Rs 680.08 crore yesterday as per provisional data from the stock exchanges.
Most Asian stocks retreated in the early trade triggered by a fourth straight day of losses on the Wall Street. Key benchmark indices in Indonesia,Singapore,Hong Kong,Japan,South Korea and Taiwan were down by 0.15 pct to 4.69 pct while China’s Shanghai Composite rose 0.08 pct.