Sensex slumps 300 points on weak rupee

A benchmark index of Indian equities markets tumbled nearly 300 points Wednesday as institutional investors sold heavily amid rupee depreciation and upbeat US economic data.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the negative at 19,347.11 points, was ruling at 19,187.01 points in the afternoon session, down 1.42 percent or 276.81 points from its previous day's close at 19,463.82 points.

The Sensex touched a low of 19,153.52 points in the intra-day. The high point of the day was also the opening level of 19,347.11 points.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) was trading 1.35 percent or 79.05 points down at 5,778.50 points.

The Indian rupee slumped below 60 against a dollar on positive US economic data. Rise in crude oil price due to political tension in Egypt also put pressure on the rupee and the stock markets.

There was heavy selling pressure in realty, metal, power and banking stocks.

The BSE realty index tumbled 4.27 percent. Metal index was down 3.39 percent. Consumer durables index was down 3.38 percent, power index down 2.58 percent and the banking index was trading 2.20 percent lower.

Major Sensex losers were: Tata Power, down 4.44 percent at Rs.82.90; Sterlite Inds, down 4.30 percent at Rs.84.55; SBI, down 3.86 percent at Rs.1914; Tata Steel, down 3.77 percent at Rs.271.50; BHEL, down 2.86 percent at Rs.178.45; and Hindalco Inds, down 2.83 percent at Rs.99.65.

Only four the 30 Sensex scrips were in the positive. These were Tata Motors, up 0.59 percent at Rs.288.15; ITC, up 0.35 percent at Rs.326.10; Hindustan Unilever, up 0.31 percent at Rs.589.75; and Sun Pharma, trading 0.13 percent higher at Rs.1,008.75.