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Market Now: Sensex, Nifty down; these stocks crack over 10%

Market Now: Sensex, Nifty down; these stocks crack over 10%

The barometer Sensex of the BSE, which had opened at 35,483.62 points, was trading at 35,281.67 points (12.30 p.m.) - lower by 106.21 points or 0.30 per cent - from the previous day's close at 35,387.88 points. The BSE market breadth was bearish with 1,611 declines and 1,028 advances. About two shares fell for every share rising on the NSE.

On the other hand, the rupee closed at Rs. 67.87 against the United States dollar today.

Apart from political uncertainty in Karnataka, a weak trend in other Asian bourses following overnight losses at the Wall Street dampened sentiments, brokers said.

BSE oil and gas index too slipped 132 points to 14,600 in early trade.

Adding to the woes, the rupee went into a tailspin by plunging 56 paise, the second biggest single-day fall of 2018, to end at a new 16-month low of 68.07 as panic dollar demand rattled currency market. Banking stocks were battered after scam-scarred Punjab National Bank posted a record loss for the March quarter amid the government tightening the screws on some senior public sector bankers. But Australian stocks bucked the trend and advanced 0.4 percent.

Market Now: Sensex, Nifty down; these stocks crack over 10%
Market Now: Sensex, Nifty down; these stocks crack over 10%

FMCG index rallied 1.8 percent, backed by ITC that gained 1.4 percent after March quarter earnings and HUL that rose almost 4 percent.

Reliance Industries, ICICI Bank, Cipla, GAIL, HPCL and Hindalco were under pressure while ITC, HUL, Wipro and TCS gained up to 4 percent. The major losers were Hindalco Industries, BPCL and Tata Steel.

Reliance Communications lost over 15 percent as the National Company Law Tribunal admitted an insolvency petition filed by Ericsson against the company.

On the global front, the oil prices were off the 3-1/2-year highs on ample supplies despite ongoing output cuts by producer cartel OPEC and looming USA sanctions against major crude exporter Iran.

This is the lowest closing for the rupee since January 24, 2017 when it had ended at 68.15 against the USA dollar.

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