Sensex plunges nearly 300 points on weak global cues, US rate hike concern; rupee hits 4-month low
Key Indian equity indices on Friday witnessed the steepest fall since November 2016, on the back of escalating geo-political tensions between North Korea and the United States, a weak rupee and heavy selling pressure in capital goods, metal and banking stocks.
At 9.40 AM: Sensex fell over 256 points or 0.79% to 32,113.58 while Nifty was down by over 88 points or 0.87% at 10,033.75.
The rupee - which plummeted by a whopping 53 paise to end at 64.80 a dollar on Thursday - dropped by 31 paise to a four-month low level of 65.12 intra-day trading against the USA dollar before closing at 64.79/80 on Friday amid frenetic dollar demand from importers and banks.
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BSE realty melted the most by 4.29 percent.
The rupee also pared some initial losses in late morning deals to trade at 65.04, down by 23 paise against the dollar due to strong demand for the greenback from importers and banks.
According to the provisional data, FPIs offloaded equities worth Rs 1,241.73 crore.
The rupee resumed lower at 64.95 per dollar as against yesterday's closing level of 64.81 per dollar at the Interbank Foreign Exchange (Forex) Market.
However, the rupee recovered in the intra-day trade to end the day at 64.79 per dollar. Metal, capital goods and power too added to the weakness.
Major losers were, Tata Steel 4.72 percent, L&T 3.45 percent, ICICI Bank 2.89 percent, SBI 2.53 percent, HeroMotoco 2.48 percent and Reliance Industries 2.32 percent.
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