BSE Sensex pares initial losses, down 86 points
Zee Media Bureau/Ajeet Kumar
New Delhi: Paring some of its initial losses, the BSE benchmark Sensex was trading down by 86 points in afternoon trade Tuesday on sustained selling by funds.
The sensex resumed lower at 18,142.83 and dropped further to a low of 17,970.98 before quoting at 18,221, showing a loss of 86 points from its last close.
In a similar fashion, the wide-based National Stock Exchange index Nifty fell by 23 points to 5,391.
At early trade, the rupee fell to as much as 64.11 Vs dollar.
Brokers said sustained selling by funds as rupee tumbled to all-time low raised fears of slowing economic growth mainly influenced the sentiment.
In Asia, Japan's Nikkei shed 0.5 percent to 13,684.60, while the broader Topix eased 0.2 percent to 1,146.71.
The Dow Jones industrial average .DJI fell 71.11 points or 0.47 percent, to 15,010.36, the S&P 500 .SPX lost 9.77 points or 0.59 percent, to 1,646.06 and the Nasdaq Composite .IXIC dropped 13.692 points or 0.38 percent, to 3,589.086.
The S&P 500 closed below its 50-day moving average for a second consecutive session, a technical support level which could portend further declines.