Nifty falls 1.56% amid sell-off

Nifty falls 1.56% amid sell-off

Nifty falls 1.56% amid sell-off

At 3.30 p.m., the Sensex closed at 31,922.44 points - down 447.60 points, or 1.38 per cent, from its previous close at 32,370.04 points.

Meanwhile, the rupee weakened past the 65 mark to hit near-six-month low against the USA dollar as foreign investors continued to liquidate their holdings in the local equity markets due to domestic headwinds led by slowing growth, wider second quarter current account deficit and signs of a wider fiscal deficit. On the buzz, the 50-share NSE Nifty fell 156.00 points or 1.54% to 9,965.90 while the BSE Midcap and Smallcap indices were down 2.5% each.

Besides, investors remained cautious about the government's plans for a stimulus programme which might lead to fiscal deficit.

The Nifty tested 10,000-mark as well during the day's trade. "This was the largest fall for both the indices on an intra-day and overall closing basis since November 11, 2016", Deepak Jasani, Head - Retail Research, HDFC Securities told IANS.

The Indian stock markets which witnessed sluggish trading sessions over the entire week came down crashing after North Korea threatened to test a nuclear weapon in the Pacific.

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BSE realty melted the most by 4.29 per cent.

The rupee also pared some initial losses in late morning deals to trade at 65.04, down by 23 paise against the dollar due to strong demand for the greenback from importers and banks. The rupee was in a sticky spot in the beginning, which dropped to a near six-month low against the dollar during the day on liquidity concerns after the US Fed said it will roll back its massive stimulus and speculation of a widening fiscal deficit.

There was no let-up in foreign selling as FPIs sold shares worth Rs 1,204.95 crore while domestic institutional investors (DIIs) bought equities worth a net Rs 1,416.55 crore on Thursday, as per provisional data.

During the day, the rupee closed at 64.79-80 against the United States dollar. Metal, capital goods and power too added to the weakness.

It was followed by SBI 3.73 percent, Tata Steel 3.64 percent, Reliance 3.07 percent, Hero Motoco 2.82 percent, Axis Bank 2.62 percent, Coal India 2.31 percent and L&T 2.27 percent.

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