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Sensex, Nifty Fall Sharply Ahead Of GDP Data, Rupee Drops Against US Dollar

Sensex falls by over 200 points in the early trade on Thursday to trade near 33,390 points. At 10 am, 26 Sensex stocks traded in negative while only four were in green. Major losses were posted by Kotak Mahindra Bank, Cipla, ONGC and Power Grid that registered losses in the range of 1%-1.5%.

The broader Nifty, too, traded lower by around 65 points as it hovered around 10,300 points. At 10 am, the NSE Nifty 50 index was trading at 10,290 points, lower by 71 points, or 0.69%. Among sectoral indices, the worst performers were Nifty PSU bank (lower by 1%), Nifty financial services (0.84%) and Nifty bank (0.81%). Only Nifty realty index was trading in positive in the early trade.

The top performers of Nifty were Bajaj Auto, India Bulls Finance, Hero Moto Corp, Dr Reddy’s Laboratories, Infratel and Infosys while the worst performers were Tech Mahindra, Adani Ports, Indian Oil Corporation, Kotak Mahindra Bank, State Bank of India, ONGC and Cipla.

The India rupee also dropped sharply by 24 paise to 64.55 against the American currency in early trade
today ahead of the September quarter GDP data. Currency dealers said apart from increased month-end demand for the US currency from importers and a lower opening of the domestic equity markets, dollar’s gains against other currencies overseas on upbeat US economic growth data weighed on the rupee.

With agency inputs

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