Negative global cues pull equity indices 1% lower

Negative global cues, along with a depreciating domestic currency, pulled the Sensex down by 340 points on Friday and the NSE's Nifty50 closed slightly above the 10,000 mark.

Heavy selling pressure was witnessed in the IT, finance and banking stocks.

The Indian rupee weakened to Rs 73.36 to a US dollar (around 3.40 p.m.), from its previous close of 73.28, as the benchmark Brent crude oil price traded around $76.40 a barrel.

India imports around 80 per cent of its crude oil needs. Any increase in prices of the dollar-denominated commodity exerts pressure on the country's current account deficit.

The NSE's Nifty settled about 100 points, or 0.94 per cent, lower at 10,030 points.

The BSE Sensex, which had opened at 33,776.80, lost 340.78 points, or 1.01 per cent, to close at 33,349.31 points.

It touched a high of 33,776.80 points and a low of 33,291.58 during the day's trade.

The major loser on the S&P BSE Sensex was Yes Bank, which on Thursday reported a decline of 3.7 per cent in its net profit for the quarter ended in September. Its stocks closed over 8 per cent lower at Rs 180.55 apiece.

ITC closed 2.77 per cent lower, at Rs 279.30 apiece after the Cigarette-to-FMCG major reported, in a BSE filing, a 11.9 per cent rise in net profit for the quarter ended in September.

ICICI Bank closed 1.63 per cent lower at RS 314.50 a share, ahead of the its results due later in the day.

--IANS

ravi/mr