Sensex recovers partially; down 119 pts in late morning trade

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Mumbai: Paring some of its early losses, the BSE benchmark Sensex on Tuesday traded lower by 119 points in the late morning trade due to fresh selling by funds and investors as rupee tumbled to a new all-time low amid weakening trend in Asian markets.
The 30-share index resumed lower at 19,382.22 and dropped further to 19,313.19 before quoting at 19,321.94 at 1030hrs, still showing a loss of 119.13 points, or 0.61 per cent, from its last close.
The NSE 50-share Nifty also declined by 35.75 points, or 0.61 per cent, to 5,842.25 at 1030hrs.
The partially convertible rupee was trading at 58.30 after hitting record low of 58.70 versus Monday's close of 58.15/16 per dollar.
A weak rupee makes imports costlier, stoking inflation concerns; thereby minimising Reserve Bank's scope to extend monetary easing and counter the slowest economic growth in a decade.
Major losers were ICICI Bank (3.18 per cent), Jindal Steel (3.17 per cent), Bharti Airtel (2.87 per cent), Mahindra & Mahindra (1.65 per cent), Maruti Suzuki (1.64 per cent) and ONGC (1.57 per cent).
Foreign institutional investors (FIIs) sold shares worth a net Rs 114 crore yesterday, as per provisional data from the stock exchanges.
Asian stocks edged lower in early trade. Key benchmark indices in Taiwan, Hong Kong, Japan, Singapore and South Korea shed by 0.24 per cent to 2.19 per cent. Mainland Chinese markets are closed from Monday, 10 June 2013 till tomorrow, 12 June 2013, for the Dragon Boat Festival.

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