Sensex dips 200 pts on falling rupee

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Agencies: New Delhi, Sep 23 2011, 09:37 IST

The BSE Sensex fell for the third day in a row today, down 200 points to 4-week low of 16,162, as global sell-off in equities continued amid grim prospects of world economic growth on warnings of slow US expansion and persistent euro zone debt troubles.

Besides, the falling rupee added to investor woes, especially those who have parked funds in imports-linked sectors. The rupee fell to 28-month low at 49.90 per dollar and was the worst performer among Asia's 10 most-traded currencies, brokers said.

Metals, capital goods, auto, consumer durables, banking and refinery stocks were hit hard.

RIL, HDFC Bank, HDFC, L&T, Tata Motors, Infosys, Tata Steel and Hindalco contributed over 150 points to the fall.

After falling 704 points yesterday, the worst single day performance in 26 months, the 30-share BSE barometer opened weak and dipped to a low of 16,052.47, losing 300 points on the back of weak Asian trend as US markets plunged.

However, there was some buying by domestic funds at lower levels amid positive openings in European markets as G-20 group of countries said they will work together to resolve the debt problems.

Sensex rebound to a high of 16,368.41, but fell again on late profit-booking to close at 16,162.06, down 199.09 points or 1.22 per cent.

The broad-based NSE 50-issue Nifty today slumped 55.90 points or 1.14 per cent to close at 4,867.75.

Globally, Dow Jones and Nasdaq plunged 3.51 per cent and 3.25 per cent yesterday. The US Federal Reserve has given a gloomy view on the American economy. Besides, weak

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Reader's Comments (1)| Post a Comment

DECLINING SHARE INDEX UPSETS THE SMALL INVESTOR .

RAJAT KUMAR MOHINDRU .JALANDHAR CITY.PUNJAB | 23-Sep-2011Reply | Forward

The deflating of the Share Market has upset the prospects of millions of Small investors who are in dilemma over the nose dive of the Share Market Index . As the small investors have lost there fortunes in this Market due to declining of the rates of Shares . As various Economist had predicted a bright opportunity for investment to invest in Shares , As the Small investors wanted to make easy money but the declining of shares have really upset set there upward mood . As the Union Government should intervene and try to make the Share Market stable so that the small investors investment may not turn to red .