Sensex crashes 700 points tracking losses in Asian markets

BSE Sensex crashed nearly 413 points and NSE Nifty cracked below the 8,400-mark in early trade today on profit-booking at higher levels and foreign capital outflows ahead of IIP data to be released later in the day.

Mumbai: BSE Sensex crashed more than 700 points to move below 27,000 and NSE Nifty cracked below the 8,400-mark on Friday tracking slump in global markets. 

The market opened weak in early trade on profit-booking at higher levels and foreign capital outflows ahead of IIP data to be released later in the day.

On Friday, Asian shares stumbled and emerging market currencies slipped as investors fear higher interest rates under the next US President Donald Trump, resulting in flight of capital from the region.

Demonetisation of Rs 500 and Rs 1000  and victory of the Republican candidate Donald Trump has disrupted the market in the short run.

A falling rupee also dented the market mood in early trade on Friday as the currency crashed by 52 paise on account of strong demand of dollar. 

Sensex was trading at 26801 at 15:18 hours, while Nifty was down 232 points, trading at 8292 points.

The 30-share index was down 412.53 points, or 1.49 percent, at 27,105.15, with stocks of realty, consumer durables, auto, FMCG and power trading in the negative zone.

Sensex had rallied 265.15 points yesterday.

The NSE benchmark Nifty fell 133.75 points, or 1.56 percent, to trade at 8,392.00.

Traders said besides profit-booking after yesterday's gains, a cut-down in positions by cautious participants ahead of IIP numbers weighed on sentiment.

Moreover, a mixed trend on other Asian bourses also influenced the trading.

Elsewhere in Asia, Hong Kong's Hang Seng shed 1.54 percent while Japan's Nikkei was up 0.28 percent in morning trade today. Shanghai Composite index was up 0.27 percent.

The US Dow Jones Industrial Average ended at record high by rising 1.17 percent in yesterday's trade.