Sensex suffers more losses as rupee hits record low
Benchmark Sensex fell over 90 points in early trade today after the rupee sank to a lifetime low of 69.10 against the US dollar...
Benchmark Sensex fell over 90 points in early trade today after the rupee sank to a lifetime low of 69.10 against the US dollar amid firming crude oil prices. There was also caution among investors on the expiry day of the June series derivatives contracts, brokers said. The 30-share index, which had lost 272.93 points in the previous session, fell further by 90.26 points, or 0.25 percent to 35,126.85. The NSE Nifty also dropped by 31.30 points, or 0.29 percent, to 10,640.10.
Sectoral indices led by realty, capital goods, PSU, oil and gas, infrastructure, banking, and power remained in the negative zone, declining up to 1.43 percent. Brokers said market sentiment was fragile following the rupee hitting a new low of 69.10 against the dollar amid rising crude oil rates. Brent crude was trading at nearly USD 78 a barrel in Asian trade today. Besides, lingering trade war concerns between the US and China accelerated selling on the domestic bourses, they added.
The laggards included NTPC, Coal India, L&T, Hero MotoCorp, ICICI Bank, Power Grid, SBI, Tata Motors, Adani Ports, Asian Paints, HDFC Ltd, Maruti Suzuki, Yes Bank and Bajaj Auto, falling up to 2.48 percent. Bucking the trend, stocks of software exporter such as Infosys, TCS, and Wipro were trading higher by up to 2.12 percent, largely supported by a weak rupee. In Asia, Japan's Nikkei was down 0.20 percent, while Hong Kong's Hang Seng index rose 0.44 percent in early deals. Shanghai Composite Index too was up 0.20 percent. The US Dow Jones ended lower by 0.68 percent in yesterday's trade.