Sensex plunges over 300 points in early trade on sinking rupee, soaring crude prices; Yes Bank, ICICI Bank, Maruti among losers

Mumbai: The benchmark BSE Sensex cracked over 300 points in early trade on Monday tracking losses in index heavyweights RIL, HDFC and ICICI Bank, amid weak global cues, sinking rupee and soaring crude oil prices. The 30-share index was trading 309.56 points or 0.79 percent lower at 38,830.72. The NSE Nifty too plunged to 101.80 points, or 0.87 percent, to 11,651. [caption id=“attachment_4748931” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] In the previous session on Thursday, the BSE bourse settled 135.36 points, or 0.34 percent, lower at 39,140.28. The broader Nifty slipped 34.35 points, or 0.29 percent, to 11,752.80. Stock market was closed on Friday on account of Good Friday. Yes Bank and Reliance Industries were the biggest losers in the Sensex pack, dropping up to 2.66 percent, followed by IndusInd Bank, Bharti Airtel, Asian Paints, Kotak Bank, Tata Motors, Axis Bank, ICICI Bank, HDFC, Maruti, M&M, Bajaj Finance and SBI, shedding up to 1.72 percent. Bucking weak market trend, TCS, PowerGrid, HCL Tech, Infosys, HDFC Bank and NTPC rose up to 1.31 percent. “After a period of significant momentum ahead of the general elections, the market may take a pause in some kind of an interim profit booking,” said Joseph Thomas-head research, Emkay Wealth Management. “The accelerating scenario of a slowdown in global growth as also the definitive prospects of higher fuel prices and a weaker currency may also be working on the minds of the market participants at this juncture,” he added. Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 1,038.46 crore on Thursday, and domestic institutional investors (DIIs) sold shares to the tune of Rs 337.59 crore, provisional data available with stock exchanges showed. Rupee falls 47 paise to 69.82 in early trade The rupee fell sharply by 47 paise to 69.82 against the US dollar in early trade on Monday on higher demand for the greenback from importers and banks. Forex dealers said besides increased demand of the US currency from importers, lower opening of the equity markets weighed on the rupee. The domestic unit opened lower at 69.78 against the dollar then dropped further to quote at 69.82, down 47 paise over its previous close. The rupee on Thursday had gained 25 paise to 69.35 against the US dollar after three sessions of losses. Currency market was shut on Friday on account of ‘Good Friday’. The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02 percent to 97.39. Brent crude futures, the global oil benchmark, was 2.06 percent higher at $73.84 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade.