undergroundnewsroom.com February 24, 2018

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

24 September 2017, 12:53 | Gordon Grant

BSE Sensex and NSE Nifty open lower on Friday

BSE Sensex and NSE Nifty open lower on Friday

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 U.S. dollar before closing at 64.79/80 on Friday amid frenetic dollar demand from importers and banks.

Market across the globe turned cautious as geo-political issues returned following fresh barrage of barbs between US President Donald Trump and North Korean president Kim Jong-un, threatening destruction of North Korea and fresh Hyderogen bomb test in pacific by latter.

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.

The 30-scrip Sensitive Index (Sensex) of the BSE, too, plunged by 447.60 points, or 1.38 per cent, to end below its psychologically important 32,000-points-level at 31,922.44 points. The weakness in the equities was also felt in the forex market with the rupee hitting a low of 65.11, a level last seen on April 5 amidst concern regarding India's fiscal deficit.

Similarly, the Nifty 50 of the National Stock Exchange (NSE) edged lower to 9,964.40 points, down 150.6 points or 1.19 per cent.

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The second line shares of midcap and smallcap companies also witnessed substantial selling.

On a weekly basis, the BSE recorded a hefty fall of 350.17 points, or 1.08 per cent, the biggest since August 11.

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. All sectoral indices were in red as Nifty Auto, FMCG, Metal and PSU Bank and Private Bank lost 0.4-1 percent.

Major Sensex losers were: Tata Steel, down 4.70 per cent at Rs 654.55; Larsen and Toubro, down 3.49 per cent at Rs 1,184.90; Reliance Industries, down 2.83 per cent at Rs 817.50; ICICI Bank, down 2.77 per cent at Rs 277.10; and Hero MotoCorp, down 2.59 per cent at Rs 3,788.15.

It was followed by HDFC 4.54 percent, Cipla 3.96 percent, Wipro 2.90 percent, Tata Motors 2.48 percent and Kotak Bank 1.57 percent.

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