Sensex nosedives over 1,000 points; Nifty slumps below 16,300
The Hindu
A weak rupee, surging crude prices and relentless foreign capital outflows weighed on sentiment, traders said.
Equity benchmark Sensex slumped over 1,000 points to sink below the 55,000-level on Friday, tracking deep losses in IT, finance, banking and energy stocks amid widespread selling in the global markets.
A weak rupee, surging crude prices and relentless foreign capital outflows further weighed on sentiment, traders said.
The 30-share BSE index ended 1,016.84 points or 1.84% lower at 54,303.44. Similarly, the broader NSE Nifty plunged 276.30 points or 1.68% to 16,201.80.
Kotak Bank was the top loser in the Sensex pack, skidding about 4%, followed by Bajaj Finance, HDFC twins, Reliance Industries, Wipro, Infosys, Tech Mahindra, Tata Steel and TCS.
On the other hand, Asian Paints, UltraTech Cement, Dr Reddy's, Titan and IndusInd Bank were among the gainers.
Sector-wise, BSE IT, teck, bankex, finance and oil & gas lost up to 2.09%, while telecom logged gains.
According to rating agency Icra, operating profit margins of information technology companies can moderate by up to 1.50% in the near term as wage cost inflation coming on the back of high attrition hits players in the over $200 billion industry.
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