Sensex falls 273 points on weak global cue

The Indian Stock Market Barometer, Sensex tumbled 273.05 points, or 1 per cent, to 27,046.51 in the opening session on Tuesday on sustained selling by funds and retail investors owing to weak global cues. Similarly, the Nifty declined by 64 points, or 0.78 per cent, to 8,155.60.

Rupee slumps to 63.29: The rupee breached the 63-level mark to open at a fresh 11-month low of 63.29 per dollar against the previous close of 62.94 due to heavy dollar demand from oil marketing companies and capital outflows from the domestic equity market.

In Asian markets, Sliding oil prices and a downbeat China factory survey weighed on Asian shares on Tuesday, while the rouble jumped against the dollar after Russia sharply increased its benchmark interest rate to halt a collapse in its currency.

MSCI’s broadest index of Asia-Pacific shares outside Japan extended losses and was down 0.5 per cent, after major indexes all logged solid losses on Wall Street on Monday. Japan’s Nikkei stock average skidded 1.9 per cent.

Crude oil hits new multi-year low: Oil prices sank further to new multi-year lows in Asia today, with analysts weighing the possible political and economic fallout in oil-producing countries with little respite in the selling.

US benchmark West Texas Intermediate for January delivery fell 24 cents to $55.67, while Brent crude for January delivery eased 22 cents to $60.84 in mid-morning trade — both contracts at levels not seen since mid-2009.WTI had tumbled $1.90 yesterday and Brent dipped 79 cents.

Source: Businessline

Sensex falls 273 points