Millennium Post

Sensex slumps 286 points on weak `; realty and metal stocks tank

Extending losses for the second session in a row, the BSE benchmark Sensex on Wednesday lost a hefty 286 points led by a fall in realty and metal sector stocks on selling by funds, after rupee tanked below the 60 mark against the US dollar amid a weak trend overseas.
Also, bank stocks slumped on RBI proposing incremental provisioning and capital requirements for banks’ exposure to corporates having unhedged forex exposure.

The 30-share index started the day on sluggish note at 19,252.18 and fell further in line with a weakening rupee and closed the day lower by 286.06 points to 19,177.76.

Similarly, the wide-based National Stock Exchange index Nifty lost 86.65 points, or 1.48 per cent, to close at 5,770.90. Brokers said the trading sentiment turned bearish as brent crude rose 66 cents to hit a one-week high of $104.66, oil climbed above $1 a barrel for the first time in nine months and rupee dropped over 60 per dollar reduced chances of a rate cut by the RBI.
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