Sensex plunges 750 points (Third Lead)

A benchmark index of Indian equities markets Friday closed 750 points after falling over 807 points during the day as the rupee fell to a record low of 62 per dollar amid heavy selling by foreign funds.

The 30-scrip sensitive index (Sensex) of the S&P BSE, which opened at 19,297.11 points, closed (provisional) at 18,618.20 points, down 749.39 points or 3.87 percent from Wednesday's close at 19,367.59 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) closed Friday's trade at 225.35 points or 3.92 percent down at 5,516.95 points (provisional).

The Sensex touched a high of 19,310.95 points and a low of 18,559.65.

The S&P BSE Bank index index tanked 622.62 points, consumer durables index fell 548.28 points, metal index tumbled 451.20 points, oil and gas index slid 402.45 points and capital goods dipped 394.96 points.

The other losers included PSU index which went down 259.22 points, automobile index which dropped 256.85 points, FMCG slid 254.29 points and FMCG index plunged 179.39 points.

Stocks of banks, consumer durables, oil and gas, capital goods, metal, automobile, public sector undertakings (PSU) and fast moving consumer goods (FMCG) saw heavy selling.

The huge selling pressure in the stock markets was created by the high demand for the US currency.

Recent industrial and employment data from the US and some major European economies like France and Germany has shown significant improvement, making these markets more attractive than India.

The creation of more jobs in the US may translate into an early end to the US stimulus programme, which earlier led the US Federal Reserve to end its bond-buying programme.

The partially convertible rupee slipped to a new record low of 62.03 against the dollar at inter-bank foreign exchange market here, surpassing its previous record low of 61.80 of Aug 6.

The markets were closed Thursday -- India's Independence Day.