Market mayhem: Sensex closes below 18K level; down 590 points
Zee Media Bureau/Reema Sharma
Mumbai: Extending its early losses, the S&P BSE benchmark Sensex on Tuesday dropped further by nearly 600 points on sustained selling pressure amid sharp fall in rupee.
Further depreciation in rupee coupled with concerns that the passage of food bill will take a huge toll on the burgeoning current account deficit, fueling fears of a possible rating downgrade, weighed on sentiments.
The 30-share Sensex plunged by 590.05 points to 17,978.
Similarly, the broad-based National Stock Exchange index Nifty too slipped from its 5300 level. Stocks in Nifty were trading 189 points down to 5,287.
Major losers in BSE were BHEL (9.49 percent), HDFC Bank (8.04 percent), HDFC (7.70 percent) and NTPC (5.86 percent).
Meanwhile, the rupee too plunged further by 113 paise to 65.43 against the US dollar today on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers.
Yesterday, Sensex had closed 39 points up at an over one-week high on buying in power, capital goods and healthcare shares, amid hopes of higher capital inflows.