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Sensex Plunges 550 Points As Rupee Hits Lifetime Low

prasad1

Well-known member
Benchmark indices came crashing down in trade today, as the rupee hit a new lifetime low of 73.40 to the dollar. This was despite strong cues from across Europe and despite the Dow Jones hitting a new lifetime high.

The Sensex ended the day 550 points lower at 35,975 points and the Nifty plunged 150 points to end at 10,858 points . The rupee was last seen at 73.23 to the dollar.

Ironically, IT stocks, which should have rallied on account of a falling rupee, dropped, dragging the indices lower. Heavyweight, TCS was a big loser dropping as much as 4.35 per cent in trade. Mahindra and Mahindra lost 5 per cent, while another IT stock, Infosys was down 2.5 per cent in trade.

Interestingly, government owned banking stocks were seeing decent buying support after the government stepped in to contain the IL&FS fiasco. Punjab National Bank was the top gainer from the space, rallying as much as 2 per cent on buying support.

Yes Bank, which has seen a massive fall in the last few trading days, managed to gain in trade and was up a staggering 5 per cent. Another stock that was beaten down in the recent carnage, DHFL managed to trade higher.

Shares in National Aluminium Company was a star performer in trade after reports that Norsk Hydro moved to shut its biggest alumina refinery in Brazil. Shares of NALCO ended the day higher by 11 per cent.

Markets in India are expected to be volatile ahead of the RBI's Monetary Policy. A decision on interest rates would be taken by the RBI on Oct 5, in which it is widely expected that the central bank would hike interest rates by 0.25 per cent to curb the fall in the rupee.


Read more at: https://www.goodreturns.in/news/2018/10/03/sensex-plunges-500-points-as-rupee-hits-lifetime-low-767028.html?utm_source=/rss/money-news-fb.xml&utm_medium=2.16.158.85&utm_campaign=client-rss
 
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krish44

Well-known member
A few stocks are contributing about 60% of Nifty.So basically they are overvalued .When correction in nifty takes place , these three or four shares fall. Otherwise all shares

are on a decline. Most of retail investors in mid or small value shares have lost money.Only a few index stocks of FMCG like HUL ,ITC or RIL are keeping their value.Sarkari

banks climb when news comes of bail out of ILFS or tax payers money is further released to these banks . LIC is made to bail out IDBI bank .So govt fiscal deficit is not

affected.Yes bank climbing is suspect.Some internal changes are being made after removal of its chief.

Due to falling rupee over 73 to dollar Infosys should recover.

Lot of speculation is taking place in DHFL.

Pensioners can be happy as interest rates are raised by RBI and they can dream of 10% interest on FDs in near future.

Both growth and inflation are bound to be affected. So all consumer durables might be expensive with festival sales for dussehra and diwali picks up.
 

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