Sensex sheds 256 points rupee loses nine paise

(MENAFN – Gulf Times) A benchmark index of Indian equities markets yesterday closed trading 256.30 points or 0.88% down as consumer durables stocks tanked.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed trading 78.65 points or 0.89% down at 8,754.95 points.

The 30-scrip Sensitive Index (Sensex) of the S&P Mumbai Stock Exchange (BSE), which opened at 29,316.58 points, closed at 28,975.11 points, down 256.30 points or 0.88% from the previous day’s close at 29,231.41 points.

The Sensex touched a high of 29,362.96 points and a low of 28,913.16 points in intra-day trade.

Almost all the sectors ended in the red. Heavy selling pressure was seen in consumer durables, banking, oil and gas, auto, healthcare and fast moving consumer goods (FMCG) sectors.

The S&P BSE consumer durables index plunged by 211.58 points, bankex plummeted by 191.74 points, oil and gas index slipped by 186.17 points, auto index fell by 135.71 points, healthcare index dropped by 123.10 points and FMCG index slid by 108.33 points.

“The broader trend of the market is still intact and current sell off is nothing but adjustment of over retracement in the short-term. Nifty has next major support in the region of 8710/8685, but failure to hold may lead to further more weakness to 8600/8575,” Shrikant Chouhan, head of technical research at Kotak Securities said. “However, medium/positional traders should use 8,700 and 8,600 levels as an opportunity to buy growth-oriented stocks.

Meanwhile, the rupee yesterday ended lower by 9 paise at 62.31 against the US currency on fag-end dollar demand from banks and importers amid sharp fall in stock markets. Gains in dollar against major world currencies in overseas markets also put pressure on the domestic unit, traders said. The rupee resumed higher at 62.20 per dollar as against the last close of 62.22 per dollar at the Interbank Foreign Exchange ( Forex) Market. It firmed up further to 62.15 per dollar on initial selling of dollars by exporters in view of good foreign capital inflows.

However, the rupee washed out its initial gains and fell to 62.32 per dollar on fag-end dollar demand from banks before finishing at 62.31 per dollar, showing a loss of 9 paise or 0.14% from its Friday’s close.

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