Sensex Plunges Below 27,000 points; Rupee Sinks

Business

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, December 16, 2014, 15:37 [IST]

The Sensex and the Nifty plunged in trade as global markets sank, following poor data from China, unexpected rate hikes in Russia and a further fall in crude oil prices.

The rupee also fell to a session low of 63.46 and was its weakest against the dollar since Nov 13, 2013.

The Sensex closed the day below the 27,000 points mark, to close with a huge loss of 538 points, while the Nifty sank 1520 points in trade. Leading the set of losers from the Sensex and the Nifty were metal and banking stocks. While metal stocks like Hindalco and Sesa Sterlite fell on weakish data from China, banking stocks fell on fears that there would be no rate cuts, if the present turmoil across global markets continued to put pressure on the rupee.

ICICI Bank fell more than three per cent, while State Bank of India, Bank of Baroda and private sector lender Yes Bank were the other losers.

SpiceJet fell nine per cent as survival concerns for the airline mounted. Mid cap stocks also dived in trade with Jain irrigation falling a huge 11 per cent, while other stocks that fell were Unitech and Reliance Capital.

IT stocks clearly stood out in trade with TCS surging a huge three per cent, while HCL Tech ended the day higher by 4 per cent. Other tech stocks that rallied were Tech Mahindra and Wipro.

Meanwhile, markets across Asia ended the day lower, except the Shanghai Composite which rallied on hopes of a fresh stimulus. European markets were trading lower with the German DAX, The UK's FTSE and the French CAC trading lower.

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