Sensex falls below 38,000 level, Nifty breaches 11,400 mark on global cues, weaker rupee

The Sensex had rallied 677.51 points in the previous two sessions on sustained buying by domestic institutional investors. At 10: 37 am, the Sensex was trading 442 points lower at 37,647. The Nifty was down 125 points to 11,390.

By BusinessToday.In  
Monday, September 17, 2018

The Sensex and Nifty fell in early morning trade tracking weak Asian indices on likely $200 billion additional tariffs on Chinese goods amid a declining currency at home. The losses came after two sessions of gains ahead of economic review held by PM Narendra Modi in a weekend meeting.

The Sensex had rallied 677.51 points in the previous two sessions on sustained buying by domestic institutional investors.

At 10: 37 am, the Sensex was trading 442 points lower at 37,647. The Nifty was down 125 points to 11,390.

Brokers said investors turned cautious and logged gains after recent rally, pulling down key indices.

Besides, weakness in the rupee and a negative trend in most other Asian markets amid reports that the US could announce a new round of tariffs on Chinese imports later in the day too weighed on the sentiments here, they added.

The rupee again crashed below the 72-mark by plunging 81 paise to 72.65 against the dollar, despite the government's steps to stem a steep fall in the currency.

Top Sensex losers were SBI (1.91%), HDFC (1.88%), and NTPC (1.77%).

Top Sensex gainer was Wipro (1.35%) after rupee fell 67 paise to 72.52 level in early trade. Other IT stocks such as M&M (-0.01%) , TCS (0.27%) and Infosys (0.37%) were trading with losses.

BSE Midcap and small cap indices fell 137 points and 55 points, respectively.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,090.56 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 115.14 crore on Friday, provisional data showed.

Banking stocks led the losses with the BSE bankex falling 419 points to 30,201 level. Bank Nifty too fell 375 points to 26,788 level.

BSE consumer durables index too fell 197 points to 20,538 level.

Of 19 BSE sectoral indexes, 17 were trading in the red. Market breadth was negative with 885 stocks rising compared to 1290 falling on the BSE.

Meanwhile, sugar stocks continued to rally for the third consecutive session after the government approved an over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol. Avadh Sugar and Energy hit the upper circuit of 19.99% to 567.15 level on BSE today. The stock of sugar manufacturer Bajaj Hindusthan Sugar rose up to 19.95%  to 10.22 level on the BSE.

Balrampur Chini Mills too rose 8.24% to 95.60 on the BSE. The stock of Dhampur Sugar Mills was trading 19.99% higher at 140.45 level.

Asian stocks

South Korea's Kospi fell 0.8 percent to 2,300.83 on Monday. Hong Kong's Hang Seng index tumbled 1.9 percent to 26,768.17. The Shanghai Composite index lost 1.0 percent to 2,654.13. But Australia's S&P/ASX 200 rose 0.3 percent to 6,183.30. Japanese markets were closed for a national holiday. Stocks fell in Taiwan and Southeast Asia.

Related Stories

Sensex snaps eight-day winning run, closes 222 points lower on profit-booking
Sensex snaps eight-day winning run, closes 222 points lower on profit-booking
Sensex rises over 150 points, Nifty crosses 11,550; Bharti Airtel, NTPC, L&T top gainers
Sensex rises over 150 points, Nifty crosses 11,550; Bharti Airtel, NTPC, L&T top gainers
Sensex, Nifty rise on sustained foreign fund inflow
Sensex, Nifty rise on sustained foreign fund inflow

Latest Stories

Lok Sabha Election 2019: Election Commission tightens noose around erring candidates
Lok Sabha Election 2019: Election Commission tightens noose around erring candidates
Netflix tests 50% cheaper mobile-only subscription plan in India: Report
Netflix tests 50% cheaper mobile-only subscription plan in India: Report
Pro-BJP page tops list of highest ad spend of Rs 2.07 crore on Facebook since February
Pro-BJP page tops list of highest ad spend of Rs 2.07 crore on Facebook since February
SPONSORED