Zee Media Bureau
Mumbai: The S&P BSE benchmark Sensex pared its early gains and dipped below 18,000 level closing hour of trade Wednesday on renewed selling pressure after the rupee fell back to record low of 64.51 Vs dollar.
The markets were up in early trade as RBI yesterday announced measures to increase the availability of cash in the banking system.
The Sensex resumed higher at 18,545.44 and advanced further to 18,567.70.
However, a bout of profit-booking dragged Sensex down at 17,840, showing a loss of over 406 points from its last close.
The NSE 50-share Nifty also dropped by 123 points to 5,278.
Marketmen said the selling pressure was more confined to companies such as software exporters and drug makers with their exposure to overseas markets.
They said the falling of rupee to fresh all-time low of 64.51 raised fears of slowing economic growth.
Infosys, the second-largest software services provider, dropped 2.12 percent to Rs 2,941.45.
Sun Pharmaceutical, the most valuable drugmaker, fell by 4.23 percent to Rs 486 while Cipla decline by 1.82 percent to Rs 393.85.
State Bank of India plunged by 1.06 per cent to Rs 1,537.10, after climbing to Rs 1,650 in early trade.
First Published: Wednesday, August 21, 2013, 12:19