Business

Markets in free fall; Sensex crashes 806 points as selling intensifies on weak rupee

Mumbai: Markets went into a free fall Thursday with the benchmark Sensex crashing over 806 points to end below the 35,200-level after the rupee crashed to a new life-time low and global crude price breached the USD 86 a barrel. The weakness in other Asian markets and a lower opening of the european shares added to negative sentiments on the domestic bourses. A sharp plunge mainly in healthcare, IT, oil&gas, banking and auto pulled the Sensex lower by 806.47 points, or 2.24 per cent, to close at 35,169.16 points, extending losses for the second straight day. Intra-day, it hit a low of 35,022.12. This is the lowest closing since July 2 when it had settled at 35,264.41.

The gauge had lost 550.51 points Wednesday on worsening rupee woes coupled with surging crude oil prices and unabated foreign fund outflows. The bloodbath on bourses was primarily triggered by continued slide in the rupee which hit yet another low of 73.81 (intra-day) against the dollar, brokers said. Participants indulged in an intense sell-off after the crude hit a four-year high to breach the USD 86 a barrel and the rupee hitting record lows.

Besides, traders have been cautious ahead of the outcome of the ongoing three-day RBI policy meet that began Wednesday. Also, weak cues from other most Asian markets as high US yield and upbeat economic data led to fear that investors would move to the US, accelerating selling pace on the domestic bourses, they added. The 50-share NSE Nifty also cracked the 10,600-level by falling 259 points, or 2.39 per cent, to close at 10,599.25 after hitting a low of 10,547.25.

 

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