Sensex dips around 400 points; Nifty below 8,900-mark

Posted by On March 09, 2015 0 Comment

NEW DELHI: The S&P BSE Sensex slipped by as much as 400 points in trade on Monday after a sharp cut in rupee against the US dollar.

According to analysts, the rupee may slide to 63 per dollar on the back of an improving US economy. The partially convertible rupee was at 62.69 per dollar, down 53 paise, against its previous close on concerns that the US Federal Reserve may raise interest rates sooner than expected.

Tracking the momentum, the 50-share Nifty index also cracked over 100 points and was trading around its crucial psychological support level of 8800, weighed down by concerns in banks, IT, metal and power stocks.

At 11:07 a.m., the 30-share index was at 29070, down 378 points. It touched a high of 29321.06 and a low of 29024.91 in trade today.

The Nifty was at 8817 down 119 points. It touched a high of 8891.30 and a low of 8803.20 in trade to today.

Kindly send reply or comments on this topic to reporter@newsforyou.in

Source: economictimes

TOPICS