Sensex tanks 298 pts to 7-week low
Across-the-board sell-off following fall in the rupee value to a fresh all-time low on Tuesday haunted the market sentiment as the benchmark S&P BSE Sensex tanked by 298 points to more-than 7-week low of 19,143.00.Weakness in global stocks too kept the market under pressure throughout the day.Indian rupee today touched life-time low of 58.96 during intra-day deal but recovered some ground later to quote at 58.44 in afternoon trade, still showing losses.
Weak rupee raised fresh worries over the economic growth, as well as higher current account deficit (CAD), showing concerns over the repayment of external debt and upsetting easing of inflation, thereby minimising Reserve Bank’s scope to extent monetary easing in its next policy meet next week.
Selling was so strong that all 13 sectoral indices closed in the red between 0.59 pct and 6.36 pct with consumer durable, metal, realty, banking, power and PSU segments suffering the most.The BSE 30-share gauge resumed lower on weak Asian cues and remained in negative throughout the day to end at 19,143.00, revealing a steep fall of 298.07 points or 1.53 pct. The wide-based 50-issue CNX Nifty of the NSE also tumbled by 89.20 or 1.52 pct to end below 5,800-mark at 7-week low of 5,788.80.