BSE Sensex wipes out initial gains, down 246 pts on weak Indian rupee

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The 30-share barometer surged by 121.18 points, or 0.64 per cent, to 19,007.31.  (AP) The 30-share barometer surged by 121.18 points, or 0.64 per cent, to 19,007.31. (AP)
SummarySensex opened higher at 19,002.77 and moved up to 19,007.31 but declined to 18,658.13, showing a loss of 228.29 pts from its last close.

The S&P BSE Sensex failed to maintain initial gains in the late morning trade due to fresh selling mainly in Banking, FMCG, Oil and gas and Consumer Durable stocks.

The BSE Sensex opened higher at 19,002.77 and moved up to 19,007.31 but declined to 18,658.13, showing a loss of 228.29 pts or 1.21 per cent from its last close.

The NSE Nifty also dropped by 80.50 points or 1.45 per cent to 5,470.25.

Major losers during the morning trade were Hero MotoCorp (3.19 pct), HDFC Bank (3.35 pct), Reliance Industries (1.61 pct) and ICICI Bank (1.08 pct).

However, Bharat Heavy Electricals Ltd (BHEL) firmed up by 2.86 pct, Bharat Heavy Electricals Ltd (BHEL) (1.55 pct), Oil & Natural Gas Corpn (1.81 pct), Coal India (1.36 pct), Jindal Steel (1.32 pct) and Tata Steel (1.30 pct).

Meanwhile, the Indian rupee dropped to 66.90 per dollar in the late morning trade at the Interbank Foreign Exchange market, plunging by 90 paise against yesterday's close of 66.00. The rupee depreciation fuels inflation, increases import bill and current account deficit.

Asian stocks gained in their early trade on evidence of a pick-up in global manufacturing. Key benchmark indices in China, HongKong, South Korea, Japan, Indonesia, and Taiwan rose by 0.46 pct to 2.58 pct.

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