BSE Sensex tanks over 200 pts as crude rises, rupee falls past 60/dollar - Economic Times

NEW DELHI: The S&P BSE Sensex opened with a gap-down on Wednesday and plunged over 200 points in mid-morning trade, while Nifty slipped below its key psychological level of 5800. Higher crude oil prices and a weak rupee, which are likely to widen the current account deficit, are couple of factors weighing on markets, say analysts. Oil prices were close to $102 per barrel for the first time after over a year as Egypt's political crisis intensified and as demand increased following upbeat US economic data. The rupee weakened and slipped below 60 per dollar mark as institutional investors continued to exit Indian equities. The partially convertible rupee was at 60.02, down 36 paise, against its previous close in early trade. "India's high current account deficit and declining capital inflows render Indian equities susceptible to external shocks even as it is one of the key EM economies likely to witness overall macro improvement in the medium term," said Abhay Laijawala of Deutsche Bank. At 10:20 a.m.; the 30-share index was at 19,227.29, down 236.53 points or 1.2 per cent. It touched a high of 19,347.11 and a low of 19,210.41 in early trade today. The Nifty was at 5,785.80, down 72.75 points or 1.24 per cent. It touched a high of 5,815 and a low of 5,781.80 in trade today. "Although the daily '5 & 20 EMA' are now signaling a positive crossover, the Japanese candlestick pattern on the daily chart is not encouraging. The pattern is a "Bearish Harami" candlestick pattern and needs confirmation in the form of a close below the low at 19,347 / 5,822 level. Considering a gap down opening of SGX Nifty, a close below 19,347 /5,822 would result in the reversal of the bullish momentum seen in the last few sessions," said Angel Broking note. The BSE Midcap Index was down 1.37 per cent and BSE Smallcap Index was 0.65 per cent lower. Among the sectoral indices, the BSE Realty Index was down 3.3 per cent, the BSE Metal Index was 3.2 per cent lower, the S&P BSE Bankex declined 2.08 per cent and the S&P BSE Capital Goods Index slipped 2.1 per cent. The BSE IT Index was up 0.14 per cent, followed by the BSE HealthCare Index which was trading 0.26 per cent higher and the BSE FMCG index was up 0.07 per cent. Sterlite Industries (3.5 per cent), Hindalco (3.7 per cent), Tata Steel (3.9 per cent) SBI (2.9 per cent) and Tata Motors (2.6 per cent) were among top Sensex losers. Infosys (1.3 per cent), HUL (0.87 per cent) and Sun Pharmaceuticals (0.56 per cent) were the only index gainers. The market breadth was negative on the BSE with 241 gainers against 445 losers. The foreign institutional investors sold shares worth Rs 43.2 crore while domestic institutional investors were net sellers worth Rs 125.33 crore on Tuesday as per the provisional data from the National Stock Exchange. The Asian markets were witnessing selling pressure as the US dollar gained strength on the back of positive US data. The Japan's Nikkei 225 index was down 0.5 per cent, Hong Kong's Hang Seng index fell 1.80 per cent, South Korea's Kospi was down 1.04 per cent and the Taiwan Weighted slipped 1.19 per cent. Copyright © 2013 Times Internet Limited. All rights reserved. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFVVtGsLDZRiLU8JCiaOpa9Axdpig&url=http://economictimes.indiatimes.com/markets/stocks/market-news/bse-sensex-tanks-over-200-pts-as-crude-rises-rupee-falls-past-60/dollar/articleshow/20888792.cms

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