BSE Sensex down 77 points in early trade as rupee slumped to new low

Sensex fell by 77.45 points,or 0.40 per cent,to 19,363.62.

The BSE benchmark index today Sensex declined by over 77 points in early trade due to selling by funds and speculators as rupee slumped to a new all-time low amid a weak trend at the Asian markets.

The 30-share barometer,which had gained 11.84 points in yesterday8217;s volatile session,fell by 77.45 points,or 0.40 per cent,to 19,363.62,with stocks of realty,consumer durables,metal,banking and auto sectors succumbing to selling pressure.

Similarly,the wide-based National Stock Exchange index Nifty declined by 24.80 points,or 0.42 per cent,to 5,853.20.

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Brokers said selling by participants,triggered by a weakening rupee which plunged to fresh record low of 58.35 against the dollar in early trade today,heightening inflation worries and a weak trend on Asian bourses following overnight weakness on the US market,dampened the sentiment here.

In the Asian region,Hong Kong8217;s Hang Seng index fell by 0.90 per cent,while Japan8217;s Nikkei Index edged shed 0.82 per cent. The US Dow Jones Industrial Average ended 0.06 per cent lower yesterday.

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Reuters: The Indian rupee will be watched after it hit a record low on Monday,weighed down by broad gains in the dollar and choppy domestic shares.

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GLOBAL MARKETS ROUNDUP

Nifty futures on the Singapore Exchange are 0.77 percent down and the MSCI-Asia Pacific index excluding Japan is 0.83 percent lower.

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Asian shares and the dollar steadied on Tuesday,after Standard amp; Poor8217;s removed the near-term threat of another credit rating downgrade for the United States,just as data last week pointed to no imminent shift in the Federal Reserve8217;s huge monetary stimulus.

U.S. stocks ended little changed in weak volume on Monday,pausing after the previous session8217;s strong gains and getting only a brief boost when the United States8217; credit outlook was revised to stable from negative.