Closing Bell: Sensex tanks 550 points as sell-off intensifies in late trade; metals shine

Indian rupee ended at a record closing low of 73.34 per dollar on Wednesday on the back of strong demand for US dollar from importers amid rising global oil prices.

It has touched a record low of 73.41 in the morning trade, while it saw some recovery during the day after it opened lower at 73.24 against Monday's close of 72.91 per dollar.

According toIFAGlobal currency report, higher crude prices would continue to weigh on domestic bonds and the rupee.The next domestic trigger would be the tone of the RBI policy on Friday.

"Bears appear to have gained upper hand as they sabotaged the good work done by the bulls in the Monday's session before signing off the day with a strong bearish candle which forced the indices to close below 10,900 levels which bulls were defending till now on closing basis," Mazhar Mohammad, Chief Strategist – Technical Research & TradingAdvisory, Chartviewindia.in toldMoneycontrol.

According to him, in forthcoming sessions ifNifty50doesn'tstabilisearound its 200-DayEMAof 10,785 levels then traders should prepare themselves to see the index heading towards 10,557 levels.

He said on the upsides bulls will able to revive their chances of coming back provided they manages a close above psychologically important 11,000 levels. "Till then stakes shall remain infavourof bears with chances of Nifty heading towards 10,555 levels."

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Benchmark indices extended losses in late trade as the Sensexclosed below 36,000 and Nifty below 10,900 levels amid weakening rupee, higher crude oil prices and Italy crisis.

All sectoral indices ended in the red barring Metal while the Nifty Midcap index shed over a percent.

The 30-share BSE Sensexslipped 550.51 points or 1.51 percent to 35,975.63and the 50-share NSE Nifty dipped 150points or 1.36 percent to 10,858.30 but the market breadth remained in favour of advances.

About 1,444 shares advanced against 1,194 declining shares on the BSE.

Shriram Transport, Can Fin Homes, Reliance Nippon Asset Management, Muthoot Finance, Federal Bank, Jubilant Foodworks, Godrej Consumer, Dabur, GSK Consumer, Bata India, Godfrey Phillips, Ambuja Cements, Pidilite, Adani Enterprises andApollo Tyres plunged 3-10 percent.

Balrampur Chini, Dhampur Sugar, Nalco, Gati, HathwayCable, Tinplate and IndiabullsReal Estate rallied 4-20 percent.

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:After a sharp recovery of over 40 paise during the day Indian rupee is inching towards its all-time low of 73.41 per dollar touched in the early trade on Wednesday.

It is trading lower by36 paiseat around 73.27 per dollar.

: Bears took full control on the Dalal Street in the last hour of trade with Nifty fell 150 points and Sensexslipped below 36,000.

The Sensex is down 516.58 points at 36,009.56, while Nifty down 143.80 points at 10864.50. About 1447 shares have advanced, 1091 shares declined, and 593 shares are unchanged.

M&M, TCS, Axis Bank, ICICI Bank and Kotak Mahindra Bank are the top loser on the Sensex.

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Reliance Industries clarifies on media report as company in talks to buy Hathway, that company unable to comment on media speculation and rumors and it would be inappropriate on our part to do so.

The company evaluates various opportunities on an ongoing basis.

There is no information which has not been announced to the stock exchanges and which should have been announced by the Company in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it added.

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Bears tightened their grip on Dalal Street as benchmark indices continued to trade sharply lower amid rising crude oil prices, Italy's Budget plan woes and rupee volatility.

The 30-share BSE Sensex dropped 304.04 points to 36,222.10 and the 50-share NSE Nifty dipped 81.30 points to 10,927 but the market breadth remained positive.

About two shares advanced for every share falling on the BSE.

Nifty IT and Auto were biggest losers among sectoral indices, falling around 1.7 percent each while Metal (up 3 percent) and PSU Bank (up 2 percent) topped the buying list.

Eicher Motors, M&M, Axis Bank, Bharti Infratel, TCS and UPL fell 3-6 percent followed by Reliance Industries, Infosys and Maruti Suzuki.

Bajaj Finance, Vedanta, Indiabulls Housing Finance, HPCL, Hindalco, BPCL and Yes Bank outperformed market, rallying 3-8 percent followed by IOC and SBI.

Tech Mahindraannounced global partnership with Israel Aerospace Industries (IAI) to provide and develop technical security solutions for utility firms and critical infrastructure. IAI is the cybersecurity arm of Israel government.

"This strategic partnership will herald a new chapter in tackling the advanced global cybersecurity threats in today's digital age, by developing a future ready cybersecurity framework," Tech Mahindra MD and CEO CP Gurnani said.

Under the partnership, both companies will be able to design and deliver bespoke Security Operation Centres (C-SOCs), Computer Emergency Response Teams (CERTs) and Forensic Laboratories, based on automation and orchestration tools, artificial intelligence and machine learning analytics.

Insurance regulator IRDAI will likely meet insurers next week to ascertain the extent of their exposure to IL&FS and its group companies, sources told Moneycontrol.

Insurers will also need to provide details of their equity holdings in Infrastructure Leasing and Financial Services (IL&FS) group companies and by October 30, the sources said.

At next week's meeting, the regulator will likely seek details ofthe tenure of IL&FS paper that insurers hold, and of any missed interest payments by the IL&FS group.

While Life Insurance Corporation of India (LIC) has the maximum exposure (both debt and equity) to the group, a few other insurers had subscribed to some of IL&FS long-term papers too.

As far as instruments held by insurers are concerned, IL&FS has not defaulted on any obligations so far. However, there is a risk of the group being unable to pay insurers interest for at least the next three months.