Sensex tumbles as Rupee hits record low

The BSE benchmark Sensex on Thursday plunged over 500 points at mid-session, its biggest intra-day fall since March last year, on capital outflows as the rupee hit record low against the dollar amid a weakening trend in the global markets. The 30-share barometer after losing over 423 points in early trade, fell further by 501.34 points, or 2.60 per cent, to slip below 19,000-point level to trade at 18,744.36 points at 1400 hrs. All the sectoral indices led by realty, metal and banking were trading in the negative zone with fall up to 4.77 per cent. Similarly, the wide-based National Stock Exchange index Nifty dipped below 5,700 points by losing 153.75, or 2.64 per cent, to trade at 5,668.50. Trading sentiment turned extremely bearish after the rupee slumped to life-time low of 60 against the dollar and a weak trend in the global market on concerns that inflows to emerging markets may hit after U.S. Fed taper off its stimulus programme later this year. Besides, a weak opening in the European markets too accelerated selling activity, dragging down the Sensex, they said.