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Journalism of Courage
The BSE Sensex today dipped below the 16,000 level today as the rupee tumbled to yet another all-time low of Rs 56.13 against the US dollar amid weak trend in overseas markets and persisting euro-zone debt crisis.
The BSE 30-stock Sensex,which had lost nearly 157 points yesterday,dipped another 179.38 points to trade at 15,847.03 points at mid-session on continued capital outflows.
Similarly,the 50-scrip National Stock Exchange index Nifty fell 56.55 points to 4,803.95,led by consumer durables,auto,realty and power stocks.
Selling pressure gathered momentum on domestic bourses as Asian stocks fell by about 2 per cent.
The rupee touched new lows on concerns over slowing economic growth and the widening trade deficit,among others.
Brokers said the market remained under pressure as stocks and currencies world-wide weakened as rating agency Fitch downgrading Japan8217;s sovereign rating raising concerns over the global economy.
They said the free-fall in rupee was unabated on strong demand for American currency from importers,particularly oil companies and increased capital outflow from equity markets,even as the Reserve Bank measures failed to curb the persistent fall.
