Sensex sinks below 19,000 mark
Sensex sinks below 19,000 mark
The BSE Sensex fell below the 19,000 level due to all-round selling pressure as the rupee hit record low against the dollar coupled with weak global cues.
The Sensex resumed lower at 19,069.20 and dropped further to a low of 18,822.65 before quoting at 18,885.63 at 1030 hrs, showing a net loss of 360.07 points, or 1.87 per cent from its last close.
The NSE 50-share Nifty also dropped sharply by 124.45 points, or 2.09 per cent, to 5,700.80 at 1030 hrs.
Stocks fell across Asia after Federal Reserve Chairman Ben Bernanke said after a two-day policy meeting that the central bank may reduce bond purchases later this year should the US economy strengthen.
Concerns about the health of the Chinese economy also weighed on sentiment after a survey showed further slowdown in China’s manufacturing sector.
Persistent capital outflows from foreign funds also affected the market sentiment. Foreign institutional investors sold shares worth a net Rs 544.97 crore yesterday, as per provisional data from the stock exchanges.
The rupee hit record low against the dollar in early trade today. It is currently trading at 59.60 after hitting record low of 60.00 per dollar.
Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, Taiwan and South Korea fell by 1.19 per cent to 2.83 per cent
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