Markets reel under severe losses; Nifty tests 10,000

The 30-share BSE Sensex was down 310.48 points.

New Delhi: Markets reeled under sever losses on Friday on weak rupee, weak opening of November derivatives amid negative Asian cues.

The benchmark Sensex tanked 256.80 points or 0.76 percent to 33,433.29. The NSE Nifty was also hovering around 10,000 mark in early trade. Nifty dropped 91.85 points or 0.91 percent to 10,033.05.

Yes Bank was the worst performer in the Sensex pack falling by upto 6.35 percent after it Thursday reported a 3.8per cent decline in September quarter net at Rs 964.7 crore. Stocks of Yes Bank have lately seen a bit of volatility as its CEO Rana Kapoor's term was curtailed by over two years by RBI for unspecified reasons and a bank request for extension of his term beyond January 31, 2019 was also rejected by the regulator.

Other laggard included ONGC (1.00 percent), ITC (1.01 percent), Powergrid (1.02 percent), HUL (1.11 percent), ICICI Bank (1.13 percent), TCS (1.33 percent), Infosys (1.49 percent), Coal India (1.49 percent), Vedanta (1.52 percent), Asian Paint (1.72 percent), NTPC (3.43 percent).

The rupee weakened by 17 paise to 73.44 against the US dollar in early trade Friday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.

Meanwhile, on a net basis, foreign funds sold shares worth Rs 1,495.71 crore, while domestic institutional investors bought shares to the tune of Rs 339.60 crore Thursday, provisional data showed.

Asian shares slipped again on Friday morning. MSCI`s broadest index of Asia-Pacific shares outside Japan was down 0.69 percent, erasing tiny gains made in the opening hour. Shares in China moved in and out of the black in choppy trade, with the blue-chip index down 0.39 percent and the Shanghai Composite off less than 0.1 percent, Reuters repor said.

In Hong Kong, the Hang Seng index was 0.55 percent lower, with tech shares dropping 1.9 percent.

With Agency Inputs