Economy

Equities fall steepest in 10 months on global cues, weak rupee

Equities fall steepest in 10 months on global cues, weak rupee

The battering comes amid North Korea's latest threats that it could test a nuclear weapon in the Pacific.

Mumbai: The BSE Sensex came under relentless selling pressure in early trade Friday, plunging almost 300 points on heavy selling in banking, financial, capital goods and FMCG stocks amid sustained foreign fund outflows and weak global cues. While the Sensex lost over 300 points to trade at an intra-day low of 32,023.37, the Nifty went below the 10,000 psychological barrier to trade at an intra-day low of 9,992.15. This is also the weakest closing since September 11 when the index had hit 31,882.16. It had lost 53.72 points in the previous three days.

The Sensex and Nifty fell on Friday following nervousness in global markets as investors turned cautious following new United States sanctions targeting North Korea and a China credit rating downgrade.

It was short-lived as market sentiment bridled by lingering concerns of stock valuation gained leverage, while the US Fed decision to wind down the stimulus and signalling rate hike this year led to FII liquidity concerns and rupee reacting with a tumble. "With FIIs continuing to be net sellers, investors are fretting on the impact on fiscal deficit targets if the government were to go overdrive with economic revival plans", said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.

More news: North Korea launches another missile, escalating crisis

For the week, the Sensex slipped 1.08% and the Nifty dropped 1.2%, losing the most among major Asian markets. The sentiment weakened further after heavy losses in Asia, set off by China sovereign rating downgrade on fears over its ballooning debt and a lower opening in Europe.

In terms of the broader markets, the S&P BSE mid-cap index tanked by 2.71 per cent and the small-cap index by 2.93 per cent.

The laggards were ICICI Bank, Tata Steel, Coal India, Axis Bank, Bajaj Auto, L&T, SBI, ONGC, Reliance Industries, Hero MotoCorp, TCS, Infosys and NTPC, falling by up to 2.09 per cent.

The rupee fell 31 paise to 65.12 against the dollar, its lowest level since May 23 in early trade at forex market, said a PTI report on Friday.


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