Sensex dips 210 points in 5th straight day of loss
On its fifth-straight session of fall, the BSE Sensex on Tuesday slipped by 210.17 points to 27,676.04 while NSE Nifty ended below 8,400-level on losses in pharma and FMCG stocks amid sustained foreign fund outflows and corporate earning concerns.
Foreign investors’ concerns over retrospective taxation continued to weigh on sentiments, traders said. FIIs had sold shares worth Rs 1,506.86 crore yesterday, as per provisional data. Sun Pharma was the top loser on 30-share Sensex by tumbling 8.86 per cent to Rs 961.60 after Japan’s Daiichi Sankyo announced sale of its holding in the Indian firm. Other pharma stocks, Cipla and Dr Reddy’s fell by 0.94 per cent and 2.81 per cent, respectively, on the Sensex. The index opened lower at 27,860.51 on sustained foreign funds outflows and weak quarterly earnings. However, it recovered to touch day’s high of 27,976.93 in noon trade on value buying in select stocks.
Rs rises by 6p to 62.85 per $
The rupee came-off from more-than three-month low of 63.1550 a dollar logged at intra-day trade and washed out initial losses to settle higher by six paise at 62.85 against the dollar on late USD sell-off by some banks and exporters above 63 level. However, sluggish local equities amid sustained capital outflows and strong dollar overseas restricted the rupee rise to a major extent, a forex dealer said. At the Interbank Foreign Exchange (Forex) market, the rupee resumed sharply weak at 63.15 a dollar from previous close of 62.91 and immediately touched a low of 63.1550, level not seen since January 8, 2015 when it had touched an intra-day low of 63.20.