Sensex falls 243 points, Nifty below 11,000

Markets were closed on Tuesday on account of Gandhi Jayanti.

Sensex falls 243 points, Nifty below 11,000

New Delhi: Markets opened in the negative territory on Wednesday with the Sensex falling over 150 points and the Nifty slipping below 11,000 level.

In early morning trade the BSE Sensex fell  243.71 points or 0.67 percent to 36,282.43. Similarly the NSE Nifty dropped 87.80 points or 0.80 percent to 10,920.50.

Indian rupee breached 73 mark against the dollar for the first time ever in opening deals on Wednesday as amidst sharp rise in global crude oil prices resulting in strong demand for the American currency

The partially convertible rupee  dropped 43 paise to hit 73.34 per dollar in early trade against its previous closing of 72.91 Monday. Markets were closed on Tuesday on account of Gandhi Jayanti.

Investors were also cautious ahead of the three-day RBI policy review scheduled to begin Wednesday. Top laggards include Maruti Suzuki, Asian Paint, TCS, Coal India, HDFC Bank, SBI and IndusInd Bank, falling up to 2.18 per cent.

Foreign funds sold shares worth a net of Rs 1,842 crore, while domestic institutional investors bought equities worth Rs 1,805 crore Monday, provisional data showed.

MSCI`s broadest index of Asia-Pacific shares outside Japan climbed 0.2 percent with Hong Kong`s Hang Seng index up 0.5 percent and Singapore shares adding 0.9 percent. Japan`s Nikkei pared early losses and was last a shade weaker while Australian shares gained 0.3 percent. E-Minis for the S&P 500 the Dow also reversed losses gain 0.2 percent each. China`s financial markets are closed for the National Day holiday and will resume trade on Oct. 8. South Korea was also closed for a public holiday, Reuters report said.

With Agency Inputs