Domestic equity benchmark BSE Sensex dropped over 100 points to fall below the 37,000 mark on Thursday tracking weak cues from other Asian markets amid concerns of a looming global economic slowdown.
The 30-share index was trading 127.32 points, or 0.34 per cent, lower at 36,933.05. The broader Nifty too fell 44.80 points, or 0.17 per cent, to 10,873.90 in morning trade.
In the previous session, the 30-share Sensex settled 267.64 points, or 0.72 per cent, lower at 37,060.37. The broader NSE Nifty too ended 98.30 points, or 0.89 per cent, down at 10,918.70.
Top laggards in the Sensex pack included Vedanta, Yes Bank, Bajaj Finance, IndusInd Bank, ONGC, Tata Steel, Sun Pharma, HDFC Bank and SBI, which fell up to 3 per cent.
While ITC, L&T, HUL, Kotak Bank, TCS and TechM rose up to 1.37 per cent.
Foreign portfolio investors sold shares worth a net of Rs 770.81 crore Wednesday, and domestic institutional investors too purchased shares worth Rs 353.97 crore, provisional data showed.
Rupee slips 17 paise
The rupee opened on a weak note and fell 17 paise to 71.71 against the US dollar in early trade on Thursday amid foreign fund outflows and cautious opening in domestic equities.
At the interbank foreign exchange, the rupee opened weak at 71.65 then fell to 71.72 against the US dollar, showing a decline of 17 paise over its previous closing.
The Indian rupee on Wednesday had closed at 71.55 against the US dollar.
Traders said cautious opening in domestic equities and foreign fund outflows weighed on the local unit, while weakening of the greenback vis-a-vis some currencies overseas and easing crude oil prices added support to the local unit.