Sensex ends 77 pts down, rupee at all-time low; IT surges
The market has sunk further as the rupee hits an all-time low of 60 per dollar. The Nifty too slips below the 5600 and is currently at 5590.70, down 18.40 points. The Sensex is down 71.87 points at 18557.28.
June 26, 2013 / 16:59 IST
Moneycontrol Bereau
Live Market Commentary
3:55 pm Market closing: The weakness in the currency market seeped into the equity markets. An otherwise quiet session of trade saw the Nifty and Sensex slip in the red after the rupee breached the 60 level mark versus the dollar. The Sensex ended down 77.03 points at 18552.12 while the Nifty shed 27.85 points to close the day at 5581.25.3:45 pm Index watch: At the end of trading, Bankex lost 1 percent, Metals was down 1.3 percent, Autos fell 1.8 percent, Healthcare was down 1.1 percent and Consumer Durables was weak by 1.1 percent. Meanwhile IT index led by TCS was up 1.6 percent on weak rupee. Read: Prefer tender method to make buybacks meaningful, says Haldea3:35 pm Winners and losers: Hero Motocorp (up 3.9 percent), TCS (up 2.8 percent), GAIL, NTPC and Wipro are top gainers in the Sensex. Top losers in the Sensex are Bharti Airtel (down 5.8 percent), M&M (down 4.6 percent), Tata Motors, Jindal Steel and Hindalco.3:30 pm Market closing: The Sensex ends down 109.33 points at 18519.82, and the Nifty closes at 5581.25, down 27.85 points (provisional). 3:20 pm Management views: Bajaj Auto has recommenced production at its Chakan plant in Maharashtra today, which had stopped operating on Tuesday as workers went on strike. However the company’s production per day may drop by 1000 units to 2000 units per day due to the strike, Managing Director Rajiv Bajaj told CNBC-TV18.Out of 1500 workers at Chakan, around 100-200 employees turned up for work today. Rajiv said that he was not unduly concerned about the Chakan plant strike. The news is material as Chakan contributes close to 25 percent of Bajaj Auto's 2-wheeler capacity. 3:15 pm Alert: Generic drugs maker Dr Reddy's laboratories on Wednesday said it has launched Lamotrigine extended-release tablets in 25mg, 50mg, 100mg, 200mg and 300mg strengths in the US market, following approval by the US Food and Drug Administration.Dr Reddy's Lamotrigine extended-release tablets are a copy of GlaxoSmithKline's Lamictal XR (Lamotrigine). It is a prescription drug, which together with other medicines is used to treat seizures.Don't miss: FII flows to return if RBI cuts rate; INR may touch 62, says BoA The market has sunk further as the rupee hits an all-time low of 60 per dollar. The Nifty too slips below the 5600 and is currently at 5590.70, down 18.40 points. The Sensex is down 71.87 points at 18557.28.Banking, metals, auto, healthcare stocks are dragging the indices. Technology stocks, meanwhile, are going strong on weak rupee. Dealers say rupee at all-time low as banks' stop losses triggered, reports Cogencies. It depreciated by 7 percent in month of June and 12 percent since May 1.Claudio Piron, Head of Emerging Asia FX & Fixed Income Strategy, Bank of America expressed concerns about the weakness in Indian currency. Piron sees rupee touching 61-62 against dollar in the short term. "However, I think that would only last for a couple of months and then we will resume an improvement, because in longer term the Indian rupee, the fundamentals and the current account position will start to improve," he added. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
