Global meltdown: Sensex down 286 points as Weak Rupee, costly oil hurts

Sensex.jpg.jpg

Mumbai: The Sensex on Wednesday tumbled by 286 points to end at 19,177.76 as rupee breaching the 60-mark and draft norms on banks' exposure to corporates with unhedged forex triggered all-round selling, amid weak global cues.
Investor wealth worth Rs 1.1 lakh crore was wiped out as over 1,500 stocks led by realty, metal, PSU, consumer durables and power closed down on the BSE.
Overall 11 out of 13 sectoral indices closed with losses of up to 4.76 per cent while only BSE-FMCG and BSE-HC indices bucked the trend.
Weak world stock markets, worries over China's growth, growing crisis in Egypt and fears over political instability in Portugal, pushed up crude oil prices to USD 105 a barrel.
The Bombay Stock Exchange 30-share indicator resumed remarkably lower and continued to reel under pressure to end at 19,177.76, a fall of 286.06 points or 1.47 per cent. Yesterday, it had dipped by 113.57 points or 0.58 per cent.
Similarly, the 50-issue Nifty of the NSE also tumbled by 86.65 points, or 1.48 per cent to end below 5800-mark at 5,770.90.
Also, SX40 index, the flagship index of MCX-SX, closed 153.09 points, or 1.32 per cent lower at 11,413.38.
RBI on Tuesday evening proposed incremental provisioning and capital requirements for banks' exposure to corporates having unhedged forex exposure. SBI, ICICI Bank and HDFC Bank scrips saw pressure.
Hindalco, Sterlite Ind and Tata Steel from metal pack ended 3-4 percent down on China growth fears. "There were reports that Egypt's military had drawn up plans to suspend the constitution..Portugal foreign minister resigned in protest against austerity measures. On top of it, Brent Crude has risen to $105 mark," said Sanjeev Zarbade, Vice President, PCG Research, Kotak Securities.
Fall in the rupee below 60-mark, slowdown in country's services sector activity in June, rising bad loans and capital outflows also hit the market sentiment, said traders.
Concerns over the rising oil prices that may widen the current account deficit, impacted negatively as it may prevent RBI from cutting interest rates later this month, they added.
Globally, Asian indices ended up to 2.5 per cent lower while Europe was trading with deep 1.5 per cent cut.

Post new comment

<form action="/comment/reply/240287" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: &lt;a&gt; &lt;em&gt; &lt;strong&gt; &lt;cite&gt; &lt;code&gt; &lt;ul&gt; &lt;ol&gt; &lt;li&gt; &lt;dl&gt; &lt;dt&gt; &lt;dd&gt;</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-2f90e28f64b0a726f30330a053119521" value="form-2f90e28f64b0a726f30330a053119521" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="82348854" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>

No Articles Found

No Articles Found

No Articles Found

I want to begin with a little story that was told to me by a leading executive at Aptech. He was exercising in a gym with a lot of younger people.

Shekhar Kapur’s Bandit Queen didn’t make the cut. Neither did Shaji Karun’s Piravi, which bagged 31 international awards.