Sensex slips over 250 points as caution rises over India’s GDP; rupee recovers from day’s low

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Updated: November 30, 2017 11:17:36 AM

Sensex and Nifty traded lower on Thursday ahead of Q2 GDP data due today. Stocks of Kotak Mahindra Bank, HUL, HDFC, HDFC Bank, Reliance Industries, Axis Bank, SBI, and ICICI Bank dragged Sensex. The Indian rupee recovered partially from day's low but still trading lower against US dollar.

Bombay Stock Exchange building. (Image: PTI)

The key equity indices Sensex and Nifty traded lower in the late morning trade on Thursday as market sentiments seemed to have turned negative ahead of India’s GDP growth data which is due later today evening. The stocks of Kotak Mahindra Bank, SBI, Reliance Industries, HULAxis Bank, Bharti Airtel traded in the red. BSE Sensex lost 272.62 points to hit the day’s low of 33,330.14 while NSE Nifty shaved off 84.8 points to mark the day’s low at 10,276.5. Meanwhile, most of the Asian shares also slipped in the early morning session on Thursday, triggered by the plunge technology shares after the US technology benchmark index lost nearly 1% on Wednesday.

The Indian rupee recovered partially from the day’s low but still trading 11 paise lower at 64.43 against the US dollar. The rupee slipped 24 paise at 64.55 against the US dollar in early trade on Thursday ahead of the September quarter GDP data. Earlier yesterday, the Indian rupee remained unaffected by the North Korean ballistic missile launch. The Indian currency continued to rise for the third consecutive day and marked a three-month high vs US dollar on Wednesday. The Indian rupee gained 9 paise to close at 64.32 against US dollar at the interbank foreign exchange market on Wednesday.

Shares of Dr Reddy’s and Bajaj Auto were the only notable gainers on Sensex, advanced up to 1.1% while Kotak Mahindra Bank, Adani Ports, Axis Bank, RIL, State Bank of India lost up to 1.7%.The benchmark Sensex dropped 60.26 points to open at 33,542.5 whereas the broader Nifty 50 fell 28.6 points to begin at 10,332.7. Among the Asian markets, Shanghai Composite Index shed 0.2% to 3,330.04, Tokyo’s Nikkei 225 retreated 0.1% to 22,570.42, Hong Kong’s Hang Seng fell 1% to 29,332.42 and Seoul’s Kospi lost 0.6% to 2,497.35.

US stocks ended mixed on Wednesday with the tech-heavy Nasdaq posting its biggest one-day drop in more than three months. Investors fled high-flying technology stocks and shifted to banks and other pockets of the market that could benefit from improving economic conditions, lower regulations and taxes as well as higher interest rates, Reuters reported. The Dow Jones Industrial Average rose 103.97 points, or 0.44 percent, to 23,940.68, the S&P 500 lost 0.97 point, or 0.04 percent, to 2,626.07 and the Nasdaq Composite dropped 88.02 points, or 1.27 percent, to 6,824.34.

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