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BW Businessworld

Sensex Tumbles 258 Pts, Rupee Down 34 Paise

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The S&P BSE benchmark Sensex snapped its three-day winning spree by tumbling 258 points in late morning trade on Monday, 7 October, on fresh selling in banking, PSU, refinery and FMCG sector stocks, triggered by lower Asian cues. In line with equity market, the rupee also snapped its three-day winning spree and was lower by 34 paise at 61.78 in late morning trade on renewed dollar demand from banks and importers amid its higher value overseas.
 
The 30-share barometer resumed lower at 19,880.94 and dropped further to 19,657.72 before quoting 19,915.95 points at 1030 hours.It showed a loss of 258.23 points of 1.30 per cent from its last weekend's level.
 
The NSE 50-share index Nifty also fell by 67.95 points, or 1.15 per cent, to 5,839.35 at 1030 hours.
 
Major losers were - ICICI Bank (3.70 per cent), Coal India (3.50 per cent), HDFC Bank (2.87 per cent), HDFC (2.21 per cent), Bharti Airtel (2.09 per cent), ITC (1.96 per cent), RIL Ind (1.57 per cent), Tata Power (1.42 per cent), SBI (1.41 per cent) and Larsen (1.35 per cent).
 
Asian markets edged lower in the early trade as lawmakers in Washington remain deadlocked over extending the nation's debt limit to avoid default.
 
Key benchmark indices in Singapore, Taiwan, Hong Kong, Indonesia, Japan and South Korea fell by 0.03 to 1.05 per cent.
 
Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 541.36 crore on last Friday, as per provisional data from the stock exchanges.
 
Rupee Drops 34 Paise Vs Dollar In Late Morning Deals 
The rupee resumed lower at 61.50 per dollar as against the last weekend's level of 61.44 at the Interbank Foreign Exchange (Forex) Market.
 
It dropped further to 61.85 before quoting 61.78 per dollar at 1045 hours.
 
It moved in a range of 61.50 and 61.85 per dollar during the morning deals.
 
Crude oil prices edged lower in Asian trade today on growing concerns that the US budget crisis could spiral into a devastating debt default and ravage the global economy.
 
New York's main contract, West Texas Intermediate for delivery in November fell 57 cents to USD 103.27 in mid-morning trade.
 
In New York market, the dollar rebounded against the euro and yen last Friday.
 
Meanwhile, the Indian benchmark BSE-30 share index Sensex dropped by 188 points or 0.94 per cent to 19,728.38 at 1050 hours.
 
(Agencies)