Sensex crashes over 500 points on rupee woes, rising crude concerns


Team Udayavani, Oct 4, 2018, 10:19 AM IST

Mumbai: The BSE benchmark Sensex cracked over 500 points in early session on Thursday as rupee hit another low amid weak global cues and fears of widening current account of deficit.

The international benchmark Brent crude breached the US 86 per barrel level, nearing its four-year high. The BSE 30-share barometer tumbled 527.94 points, or 1.39 per cent, to 35,447.69 in early trade with most of the sectoral indices trading in the negative zone.

The laggards include Reliance Industries, Hero MotoCorp, Maruti Suzuki, Bharti Airtel, HDFC, Infosys, Coal India, SBI, HDFC Bank, M&M, IndusInd Bank, Adani Ports, Axis Bank, NTPC, and PowerGrid, falling up to 4.75 per cent. The gauge had lost nearly 550 points in the previous session on Wednesday.

The NSE Nifty index too fell 164.60 points, or 1.53 per cent, to 10,693.65. Brokers said weakness was seen in most Asian markets as high US yield and good economic data led to fear that investors would move to the US, dampened trading sentiments here. The rupee’s plunge to a new record low of 73.77 against the dollar by falling 44 paise in early trade, too, weighed on investor mood.

Commerce and Industry Minister Suresh Prabhu will hold an inter-ministerial meeting later in the day to discuss trade deficit and its impact on rupee as well as ways to boost exports, an official told PTI. Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,550 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 1,402 crore on Wednesday. Elsewhere in Asia, Hong Kong’s Hang Seng, Japan, Singapore and Taiwan were trading sharply lower by falling over 1 per cent. The US Dow Jones Industrial Average, however, ended 0.20 per cent higher on Wednesday. 

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Bengaluru eateries butter up voter turnout with free dosa

Low voter turnout in Karnataka: Only 38.23% cast votes in 14 LS segments during first half of the day

Karnataka Polls: No Modi wave but anti-BJP wave, says CM Siddaramaiah

Cal HC directs NIA to file report on clashes in Murshidabad over Ram Navami celebrations

Karnataka officials don vibrant sarees to promote voter participation

Karnataka sees over 22% voter turnout in 14 Lok Sabha seats by 11 AM

2 Army personnel Injured, 2 terrorists neutralized in Baramulla gunfight

Related Articles More

Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%

IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year

Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action

Four-day market rally makes investors richer by Rs 8.48 lakh crore

Kotak Bank barred from onboarding customers online, issuing fresh credit cards

MUST WATCH

Skin Rash, Causes, Signs and Symptoms

11 bullets found in python’s body!

K. Jayaprakash Hegde Sharing His Memories

Grafting Jack Anil

Heat Illness


Latest Additions

Bantwal: Man injured in stabbing incident

Akhilesh Yadav accuses BJP of job losses and employment failure

Mangaluru: Pavoor Uliya residents overcome obstacles, reach polling stations by boat

Tejasvi Surya booked for soliciting votes on grounds of religion: EC

Mangaluru: Island residents use boats to reach polling stations

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.