Sensex wipes out initial gains, down 246 pts on weak rupee

The S&P BSE benchmark Sensex failed to maintain initial gains in the late morning trade due to fresh selling mainly in Banking, FMCG, Oil and gas and Consumer Durable stocks.
The Sensex opened higher at 19,002.77 and moved up to 19,007.31 but declined to 18,658.13, showing a loss of 228.29 pts or 1.21 per cent from its last close.
The NSE 50-share Nifty also dropped by 80.50 points or 1.45 per cent to 5,470.25.
Major losers during the morning trade were Hero Motocorp (3.19 pc), HDFC (3.35 pc), Reliance Ind (1.61 pc) and Icici Bank (1.08 pc).
However, BHEL firmed up by 2.86 pc, Tata Motors 1.55 pc, ONGC 1.81 pc, Coal India 1.36 pc, Jindal Steel 1.32 pc and Tata Steel 1.30 pc.

Meanwhile, the rupee dropped to 66.90 per dollar in the late morning trade at the Interbank Foreign Exchange market, plunging by 90 paise against yesterday's close of 66.00. The rupee depreciation fuels inflation, increases import bill and current account deficit.
Asian stocks gained in their early trade on evidence of a pick-up in global manufacturing. Key benchmark indices in China, Hong Kong, South Korea, Japan, Indonesia, and Taiwan rose by 0.46 pc to 2.58 pc.