Mumbai : Equity benchmarks Sensex and Nifty tumbled for the second straight session as the Indian rupee hit life-time lows and the Turkish currency crisis dealt a blow to investors’ sentiment globally.
The BSE Sensex sank 224.33 points to end near two-week low of 37,644.90, while the Nifty crack below the 11,400-mark, losing 73.75 points to end at 11,355.75 on fresh foreign fund inflows. A massive selling pressure was seen in banks, financials and PSU shares as the rupee nosedived to all-time low of 69.85 (intra-day) per dollar amid fresh fall in the Turkish lira, fuelling demand for safe havens.
SBI was the biggest loser in the Sensex pack, diving 3.17 per cent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter. Other banking stock such as Punjab National Bank, Yes Bank, Bank of Baroda, Federal Bank, Axis Bank, HDFC Bank and ICICI Bank faced selling pressure—falling up to 3.37 per cent.
Asian shares too tumbled and Europe opened lower after sell-offs on Wall Street last week. Investor sentiment took a hit following a slump in the Turkish currency lira on geopolitical developments, spreading panic globally, brokers said.
The Sensex, which resumed lower at 37,693.19, continued its slide and touched a low of 37,559.26 as selling intensified. However, the benchmark recovered marginally on value-buying and covering-up of short positions. The broader NSE Nifty, after cracking the 10,400-mark, ended 73.75 points. Sectoral indices led by oil and gas, PSU, financial, energy, banking, infrastructure, power, metal, realty, auto and capital goods ended in the negative terrain, falling by up to 1.93 per cent.
