The Sensex -- which scaled a fresh 52-week high of 38,989.65 points in early morning deals -- finally closed trade 173.70 points or 0.45% lower at 38,722.93 points.
Snapping a two-day gaining streak, the domestic stock market on Wednesday extended losses, with the benchmark Sensex index of the BSE cracking over 200 points in the last half hour of trade. The Sensex — which scaled a fresh 52-week high of 38,989.65 points in early morning deals — finally closed trade 173.70 points or 0.45% lower at 38,722.93 points.
On National Stock Exchange, the Nifty 50 index settled below the 11,700-level, down 46.60 points or 0.40% at 11,691.90 points. According to market observers, caution prevailed in the equity market ahead of F&O expiry tomorrow and release of April-June GDP data on Friday, 31 August 2018. The Sensex has gained nearly 14% this year, while the Nifty has risen over 11% YTD.
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Rupee tumble: The rupee tumbled to a record low of 70.57 against the US dollar during afternoon trade deals on Wednesday. Earlier this month, the rupee had touched a record low at 70.3950 per US dollar.
Lira plunge: According to a Reuters report, Turkish markets took another hard knock on Wednesday, with the lira tumbling 2% against the dollar and leading losses across emerging markets. The report said the latest Turkish losses were linked to Moody’s warnings over the banking sector and comments from Finance Minister Berat Albayrak, who said he did not see a big risk to the economy or financial system.
Global markets: Global stocks traded on a hesitant note on Wednesday optimism over a US-Mexico trade deal faded with investors anxious about Canada’s acquiescence and eyeing a deadline for the next round of China-U.S. tariffs next week, said a Reuters report.
RBI report: The Reserve Bank of India hinted at upside risks to inflation in its Annual Report for 2017-18 released on Wednesday. The central bank said headline inflation is likely to face upside risks over the rest of the year from a number of sources. RBI warranted continuous vigil and a readiness to head off those pressures from getting generalised.
Heavy selling in large caps: Large-cap stocks like Reliance Industries, the HDFC twins, Infosys, IndusInd Bank, Maruti Suzuki and Coal India were among top laggards on the Sensex on Wednesday. Reliance Industries and HDFC Bank together wiped off over 100 points from the Sensex index. Shares of ONGC, SBI, ICICI Bank, Tata Steel, Tata Motors and ITC remained on the gaining side.