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Sensex crashes over 1,000 points on global sell-off

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Sensex

The 30-share BSE Sensex, which had gained 461.42 points Wednesday, slipped below the 34,000-mark by crashing 1,030.40 points, or 2.95 percent, to 33,730.49 in opening trade.

Mumbai | Benchmark BSE Sensex on Thursday crashed over 1,030 points to slip below the key 34,000-mark in early trade, tracking a global sell-off as the rupee hit yet another record low of 74.45 against the US dollar.

Traders attributed the carnage in domestic bourses to the sell-off in international bourses after US stocks tumbled on heavy correction in tech stocks, fresh concerns over Fed rate hike and looming impact of the US’ trade war with the China.

Rising 10-year US treasury bonds, jumping above 3 percent last week and the International Monetary Fund (IMF) slashing its global growth forecast and weakness in emerging markets, too spooked investors. The 30-share BSE Sensex, which had gained 461.42 points Wednesday, slipped below the 34,000-mark by crashing 1,030.40 points, or 2.95 percent, to 33,730.49 in opening trade.

The broader Nifty slipped below the 10,200-mark by tumbling 281.70 points, or 2.69 percent, to 10,178.70. Widespread selling pulled down all sectoral indices led by realty, IT, metal and banking, that fell up to 3.66 percent.

Top laggards include SBI, Tata Steel, Infosys, Axis Bank, Bharti Airtel, Yes Bank, Maruti Suzuki, HUL, TCS, HDFC, ICICI Bank, Adani Ports, Wipro, Tata Motors, ITC, Coal India, Bajaj Auto, L&T, Sun Pharma IndusInd Bank and M&M, dropping up to 3.99 per cent

In the forex market, the rupee slumped by 24 paise to an all-time low of 74.45 against the dollar due to heavy demand for the US currency from importers. Foreign portfolio investors sold shares worth a net of Rs 1,096 crore Wednesday, provisional data showed.

Elsewhere in Asia, Japan’s Nikkei plunged 3.41 per cent, Hong Kong’s Hang Seng lost 3.53 per cent, Singapore exchange was down 2.64 per cent and the Korean bourse fell 2.28 per cent in late morning deals. The US Dow Jones Industrial Average slumped 3.15 per cent Wednesday, its biggest fall since February.

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Rupee softens 9 paise against US dollar in early trade

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Rupee

Mumbai | The rupee weakened by 9 paise to 73.92 against the US dollar in early trade on Tuesday on increased demand for the American currency from banks and importers.

At the Interbank Foreign Exchange, the domestic currency opened higher at 73.79 but lost ground and fell to 73.92. Dealers attributed the rupee’s fall to the dollar’s strength against some other currencies overseas but fresh inflows by foreign funds and a higher opening in domestic equity markets capped the losses.

Moreover, weak exports data also dampened sentiments in the forex market. India’s exports entered the negative zone after five months, contracting 2.15 percent in September to USD 27.95 billion, according to commerce ministry data.

The rupee had lost 26 paise to close at 73.83 Monday after crude prices rose amid intensifying geopolitical tensions. The benchmark BSE Sensex Tuesday rose by 89.17 points, or 0.26 percent to trade at 34,954.27.

Meanwhile, foreign portfolio investors bought shares worth Rs 67.86 crore on net basis from stock markets on Monday, according to the BSE data.

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Rupee falls 36 paise to 73.93 against dollar in early trade

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Mumbai | The rupee dropped 36 paise to 73.93 against the US currency in early trade on Monday, breaking its three-day recovery trend, as crude prices rose amid weak macroeconomic data.

A spurt in dollar demand from importers amid sustained foreign fund outflows also weighed on the rupee. Dealers said, factors like the dollar’s strength against some other currencies overseas and a volatile opening of the equity markets also impacted the domestic currency.

Industrial production slipped to a three-month low of 4.3 per cent in August and retail inflation rose marginally to 3.77 per cent in September, according to the data released by Central Statistics Office Friday. Friday, the rupee had ended 55 paise higher at 73.57 against the dollar, as global crude prices eased and domestic indices staged a smart rebound.

Foreign institutional investors (FIIs) sold shares to the tune of Rs 1,322 crore Friday, provisional data showed. The benchmark BSE Sensex fell by 70.85 points, or 0.20 per cent, to 34,662.73 in early trade after crossing the key 35,000-mark to hit a high of 35,008.65 at the outset.

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Sensex slips 71 points on negative economic data, weak rupee

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Mumbai | The BSE benchmark Sensex after reclaiming the 35,000-mark fell 71 points to quote at 34,662.73 Monday, as the IIP slipped to a three-month low in August and retail inflation rose marginally in September. Besides, weak Asian cues on worries over China-Us trade dispute influenced sentiment.

The 30-share barometer pushed lower by 70.85 points, or 0.20 per cent, to 34,662.73. It opened higher and touched a high of 35,008.65. The gauge had climbed 732.43 points in the previous session on Friday.

Sectoral indices were negative across the board, with oil&gas, auto, consumer durables, PSU, bankex, capital goods, metal, infrastructure and realty falling by up to 1.25 per cent. The NSE index Nifty was trading lower by 21.85 points, or 0.21 per cent, at 10,450.65 after shuttling between 10,524.60 and 10,432.

Selling activity emerged after data released by Central Statistics Office (CSO) on Friday showed that industrial production slipped to a three-month low of 4.3 per cent in August, while retail inflation up marginally to 3.77 per cent in September. Meanwhile, the rupee depreciated by 36 paise paise to 73.93 against the dollar in early trade after Brent crude again went past the USD 81 a barrel, which also dampened sentiments.

Hindustan Unilever, emerged top loser in the Sensex pack, falling 3.28 per cent, followed by ICICI Bank at 2.46 per cent.

Other big losers that dragged both the key indices were Maruti Suzuki, Axis Bank, L&T, Bharti Airtel, Bajaj Auto, PowerGrid, Kotak Bank, Coal India, Adani Ports, Asian Paint, HDFC Ltd, SBI, Vedanta Ltd and Tata Steel. However, stocks of Sun Pharma, ITC LGd, TCS, Infosys, RIL and Wipro were trading higher.

Foreign portfolio investors (FPIs) gave up shares worth a net of Rs 1,322 crore, while Domestic institutional investors (DIIs) remained net buyers, picking up shares worth a net of Rs 1,287 crore on Friday, provisional data showed.Most other Asian markets too were down on trade war worries and surging crude prices following rising diplomatic tensions between Riyadh and the West.

Japan’s Nikkei fell 1.39 per cent, Hong Kong’s Hang Seng shed 1.30 per cent, Taiwan was down 1.10 per cent in their early deals. Shanghai Composite Index, however, was flat. The US Dow Jones Industrial Average had closed 1.15 per cent higher on Friday.

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