Mid-Market—Sensex plunges over 500 points as rupee nears 66/USD Analysis for Aug 27, 2013

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Indian markets were experiencing the bloodbath again on Tuesday as the benchmark indices Sensex and Nifty plunged over 2 per cent during the noon deals, in line with the falling rupee which was edging closer to the 66/USD mark. The Indian currency breached the previous all-time low of 65.56 and touched a fresh low of 65.93 against the US dollar mainly due to FIIs outflows coupled with month-end dollar demand from importers. Banking stocks were the most hit on bourses today with lenders like HDFC, HDFC Bank plunging over 7 per cent and 5 per cent respectively. The BSE Banking index plunged over 4 per cent followed by Capital Goods, FMCG, and Realty indices with over 3 per cent fall.

At 12:35PM BSE SENSEX was at 18136.3 down by 421.83 points or by 2.27 per cent while NSE Nifty was at 5324.65 down by 151.85 points or by 2.77 per cent.

The BSE MIDCAP was at 5305.7 down by 85.08 points or by 1.58 per cent, while the BSE SMLCAP was at 5229.97 down by 59.48 points or by 1.12 per cent.

The top gainers of the BSE Sensex pack were Sesa Goa Ltd. (Rs. 172.00,+2.84%), Dr. Reddy's Laboratories Ltd. (Rs. 2175.95,+1.16%), Infosys Ltd. (Rs. 3065.40,+1.15%), Tata Consultancy Services Ltd. (Rs. 1858.50,+1.08%), Wipro Ltd. (Rs. 462.85,+0.69%), among others.

The top losers of the BSE Sensex pack were Housing Development Finance Corporation Ltd. (Rs. 692.75,-6.91%), HDFC Bank Ltd. (Rs. 577.05,-5.39%), Coal India Ltd. (Rs. 259.50,-4.31%), Bharat Heavy Electricals Ltd. (Rs. 118.70,-4.12%), Larsen & Toubro Ltd. (Rs. 713.95,-4.12%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2136, shares advanced were 598 while 1403 shares declined and 135 were unchanged.

In BSE, BSE_Bankex index was at 10239.94 down by 438.72 points or by 4.11 per cent. YES Bank Ltd. (Rs. 242.15,-7.24%), IndusInd Bank Ltd. (Rs. 351.65,-5.91%), HDFC Bank Ltd. (Rs. 577.05,-5.39%), Bank of India (Rs. 139.30,-5.24%), Axis Bank Ltd. (Rs. 888.30,-5.14%),.

In BSE, BSE_CGS index was at 7072.57 down by 253.28 points or by 3.46 per cent. Bharat Heavy Electricals Ltd. (Rs. 118.70,-4.12%), Larsen & Toubro Ltd. (Rs. 713.95,-4.12%), Jindal Saw Ltd. (Rs. 48.10,-3.90%), Carborundum Universal Ltd. (Rs. 103.50,-3.63%), Welspun Corp Ltd. (Rs. 31.00,-3.43%),.

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Story first published: Tuesday, August 27, 2013, 13:00 [IST]
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