Sensex dives 288 points, Nifty slips below 11,400-mark in early trade; banking, PSU, metal stocks fall; Re recovers
Sensex tanked 288.16 points, or 0.76 percent, to 37,581.07. The gauge had lost 155.14 in the previous session.
Mumbai: The BSE Sensex fell over 288 points and the NSE Nifty dipped below the 11,400-level in opening trade today on heavy losses in PSUs, auto, metal and banking counters amid a global rout in equity markets.
A weak trend in Asia coupled with sell-offs on Wall Street last week and a slump in the Turkish lira dampened the sentiment globally, traders said.
The BSE 30-share barometer tanked 288.16 points, or 0.76 percent, to 37,581.07. The gauge had lost 155.14 in the previous session.
Sectoral indices led by PSU, metal, infrastructure, power, oil & gas, auto, capital goods, realty and consumer durables were trading in the negative terrain, falling by up to 1.43 per cent.
The NSE Nifty was trading down by 83.75 points, or 0.73 percent, at 11,345.75.
The laggards were Vedanta, Tata Motors, NTPC, HDFC, Power Grid, RIL, ONGC, ICICI Bank, HDFC Bank, Tata Steel, Maruti Suzuki, Asian Paints, Yes Bank, Adani Ports, Kotak Bank, Yes Bank and L&T, falling up to 3.98 percent.
Foreign funds sold shares worth Rs 510.66 crore, while domestic institutional investors bought equities worth Rs 457.83 crore on Friday, provisional data showed.
Asian shares tumbled after investor sentiment took a hit amid the slump in the Turkish currency, lira, on geopolitical developments.
In the Asian region, Hong Kong's Hang Seng fell 1.44 percent, Japan's Nikkei shed 0.83 percent, while Shanghai Composite Index dipped 0.94 percent in their late morning deals.
US stocks dropped on Friday, triggered by fears over the sell-offs in the lira after US President Donald Trump said he had approved the doubling of metal tariffs against Turkey on Friday.
The US Dow Jones Industrial Average ended 0.77 per cent lower on Friday.
Rupee recovers some ground
The rupee pared some of its initial losses after plunging to a life-time low of 69.62 in early trade and was trading at 69.39, still lower by 56 paise against the US dollar, in late morning deals.
The rupee sentiment was hit by equities rout globally amid US-Turkey's full-blown financial-market crisis.
Traders were worried over the Turkish crisis spill-over impact on global economy. Turkeys lira tumbles as much as 12.5 percent against the dollar.
The rupee resumed at a record low of 69.47 from last Friday's closing level of Rs 68.83 at the interbank foreign exchange market here.
The Indian unit spiral down to all-time historic lows at 69.62 before regaining some ground to quote at 69.39 at 1045 hours.
The rupee's previous record low was 69.13, marked on 20 July.
The domestic unit hovered between 69.39 and 69.62 during morning deals.
Overseas, the dollar was mostly higher against the basket currencies, while the euro was on the defensive after touching a 13-month low against the dollar as investors bid up safe havens such as the US dollar and the yen on worries about the exposure of European banks to crisis-hit Turkey.
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