Mid-Market- Sensex slides as rupee fall dashes rate cut hopes Analysis for Jun 11, 2013

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The key domestic benchmarks were awash in the red as the Sensex slumped by 265 points amid fears that the sharp depreciation in the rupee may prevent the RBI from undertaking an interest rate cut next week, dimming the outlook for Asia"s third biggest economy. The rupee hit a fresh low of 58.90 against the US dollar on Tuesday dragged lower by worries over a record high current account deficit, slowing growth and speculation that the US Fed may lower stimulus. Weak cues from Asian markets also added to the gloom as stocks slumped after the Bank of Japan (BOJ) announced no fresh measures to boost the economy while concerns that the Fed may scale back QE also dented sentiment.

At 12:09PM, the BSE SENSEX was at 19,175.93, down by 265.14 points or by 1.36 per cent and the NSE Nifty was at 5,788.55, down by 89.45 points or by 1.52 per cent.

The BSE Sensex touched intraday high of 19,418.74 and intraday low of 19,121.18. The NSE Nifty touched intraday high of 5,868.05 and intraday low of 5,783.

Meanwhile, the BSE MIDCAP was at 6,224.13, down by 107.72 points or by 1.7 per cent, while the BSE SMLCAP was at 5,803.38, down by 111.86 points or by 1.89 per cent.

On the Sectoral front, Metal and Realty shed 4.34 per cent and 3.64 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 2056, shares advanced were 397 while 1550 shares declined and 109 were unchanged.

The top losers of the BSE Sensex pack were Jindal Steel & Power Ltd. (Rs. 219.40,-17.78%), Hindalco Industries Ltd. (Rs. 95.25,-5.27%), Tata Power Company Ltd. (Rs. 83.50,-4.79%), Tata Steel Ltd. (Rs. 280.45,-3.43%), ICICI Bank Ltd. (Rs. 1081.50,-3.29%), among others.

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Story first published: Tuesday, June 11, 2013, 12:36 [IST]
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