Sensex tumbles around 400 points, trading below 18,000

Aug 21 2013, 16:49 IST
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Market sentiments turn better after the RBI announced a fresh set of liquidity easing steps amid Indian rupee falling past 64 mark. (Reuters) Market sentiments turn better after the RBI announced a fresh set of liquidity easing steps amid Indian rupee falling past 64 mark. (Reuters)
SummaryBlue chip stocks, including ITC and Reliance Industries slumped after the rupee hit a record low.

The BSE Sensex and the Nifty fell more than 2 per cent to their lowest intraday level in nearly a year as blue chip stocks including ITC slumped after the rupee hit a record low and on growing concerns that US Federal Reserve may start tapering its monetary stimulus in September.

The Indian rupee weakened past 64.13 per dollar to hit a record low as heavy dollar buying by large state-run banks, along with demand from custodian banks, hurt the local currency on Wednesday.

ITC slumped 5.3 per cent while Reliance Industries fell 4.8 per cent.

The BSE Sensex fell 2.09 per cent, while the 50-share Nifty slumped 2.13 per cent, after earlier gaining nearly 2 per cent on RBI steps to ease cash, bond holding rules.

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