Sensex tanks over 700 points as rupee falls past 68 Vs dollar

The wide-based National Stock Exchange index Nifty moved down by 221 points to 5,330.

Zee Media Bureau/Ajeet Kumar

Mumbai: Snapping its 4-day rising streak, the BSE benchmark Sensex on Tuesday tumbled by over 700 points in closing hour of trade on renewed selling pressure, triggered by geopolitical worries
and further depreciation in rupee.

Selling pressure increased in afternoon trade after the Russian defence ministry was quoted by a news agency as saying it had detected two ballistic "objects" fired towards the eastern Mediterranean.

The 30-share barometer dropped by 719.96 points, or 3.81 percent to 18,166.177. The index had, however, gained nearly 918 points in the previous four sessions.

On the similar line, the wide-based National Stock Exchange index Nifty moved down by 221 points to 5,330.

Sectorally, the banking sector index weakened the most by falling 2.98 percent, followed by oil & gas index by 2.54 percent. FMCG index declined by 2.31 percent and power index by 1.99 percent.

Major losers on BSE were, Hero Motocorp (4.53 percent), HDFC (4.36 percent), Reliance Ind (2.93 percent), Hindalco ( 2.80 percent) and ICICI Bank (2.67 percent).

Major gainers on BSE were, Coal India ( 2.25 percent), Sesa Goa ( 1.27 percent), Tata Motors ( 1.15 percent), Wipro (0.52 percent) and TCS ( 0.24 percent).

The rupee today further depreciated by 212 paise to 68.12 against the dollar at the Interbank Foreign Exchange market due to renewed dollar demand from importers and appreciation of the US currency overseas.

In the Asian region, Hong Kong's Hang Seng index rose by 0.64 percent, while Japan's Nikkei gained 1.29 percent.

The US markets remained closed yesterday for the Labor Day public holiday.