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Sensex crashes 650 points; rupee falls over 3%

Highlights

BSE Sensex snapped its three-day winning streak and fell 651.47 points on Tuesday, closed at 18234.66 as the investors decided to remain sideways on...

The Indian rupee has crossed the 68 mark in the mid-trade on Tuesday after the Russian defence ministry announced that it had detected two ballistic “objects” fired towards the eastern Mediterranean

Mumbai (Agencies): BSE Sensex snapped its three-day winning streak and fell 651.47 points on Tuesday, closed at 18234.66 as the investors decided to remain sideways on weak rupee that plunged to 68.05/$ over the reports that missiles were fired at Syria. Also, Nifty slipped below psychological level of 5350, slumped 3.77 per cent or 209.30 points at 5,341.45 points.

Concerns have been raised over escalation in tensions in Syria with a possible US intervention and, thereafter, the fallout on oil prices. Increase in price of crude oil due to the Middle East crisis will further lead to widening of India's current account deficit (CAD). India currently imports almost 79 percent of its total crude oil requirements.

Analysts say the markets are likely to continue with its downward momentum as the pull-back rally seems to have fizzled out. The rupee weakened against the dollar for a second day in a row on the back of demand from oil importers and as the greenback appreciated against other global currencies. The partial convertible rupee hit an intraday low of 68.12 per dollar, down 209 paise, against its previous close of 66 per dollar.

Meanwhile, the foreign institutional investors bought shares worth Rs 475.92 crore while domestic institutional investors were net sellers worth Rs 285.81 crore on Monday as per the provisional data from NSE. All sectoral indices closed in deep red as Nifty too lost about 4 per cent and Bank Nifty, Realty, FMCG, Media and Infra indices closed extremely weak.

The 47 of Nifty stocks closed in the red and advance decline ratio was pathetic at about 1:2.75. Axis Bank and Yes Bank lost more than 10 per cent. Axis Bank, Indusind Bank, DLF, RelInfra, PNB, RIL remained major losers among Nifty stocks. Reliance, ITC and HDFC together dragged down Nifty by more than 70 points.

Among F&O stocks Hexaware, Lupin, Coal India gained with higher Open Interest suggesting fresh long positions while Axis Bank, Titan, Voltas, Rel Infra declined with higher Open Interest indicating fresh short positions.

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