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MARKET WRAP: Sensex ends 224 pts lower on global cues, fall in bank stocks

Banks were the top losers on Monday, with Nifty PSU Bank index falling over 3%, while Nifty Bank index slipped over 1%

SI Reporter  |  New Delhi 

MARKET WRAP: Sensex ends 224 pts lower on global cues, fall in bank stocks

Nifty PSU Bank index ends 3.22% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) ALLAHABAD BANK 42.75 44.80 -2.05 -4.58 CANARA BANK 269.90 282.35 -12.45 -4.41 ANDHRA BANK 32.60 34.05 -1.45 -4.26 SYNDICATE BANK 39.55 41.30 -1.75 -4.24 BANK OF INDIA 90.00 93.60 -3.60 -3.85 Sectoral Trend Top Sensex gainers and losers Markets at Close The S&P BSE Sensex ended the day at 37,645, down 224 points while the broadr Nifty50 index setted at 11,356, down 74 points Outlook on Indian banks to stay negative over weak core capital: Fitch Fitch Ratings on Monday said its outlook on Indian banking sector is likely to remain negative until banks, especially the public sector ones, address their weak core capital positions.   They need to improve capital base against mounting bad debt and poor financial performance, Fitch said. READ MORE Gold prices fall further on dollar strength Gold prices extended declines into a third session on Monday, as the U.S. dollar climbed to a 13-month high against major peers amid financial crisis in Turkey. Spot gold had dropped 0.2 percent to $1,208.50 an ounce by 0655 GMT, hovering not far from a 17-month low of $1,204 hit earlier in August. U.S. gold futures were down 0.3 percent at $1,215.7 an ounce. READ MORE

The benchmark indices closed lower taking cues from their global cues amid a weak rupee. The S&P BSE Sensex ended the day at 37,645 down 224 points while the Nifty50 index settled at 11,356 down 74 points.
 
HDFC Bank, down over 1%, was the top drag on the NSE Index after the lender on Friday said its deputy managing director was stepping down. While Nifty Bank index slipped over 1%, the Nifty PSU Bank index, too, ended nearly 3.2% lower.


Rupee at record low

The rupee on Monday touched an all-time low of 69.62 per dollar in early trade, tracking broader weakness in other emerging market currencies on concerns of a spill-over from a crisis-hit Turkey. The Reserve Bank of India was seen intervening to stem a sharp fall in the rupee, two dealers said. READ MORE HERE

Global markets

World markets shuddered on Monday, as Turkey's worsening currency crisis persuaded investors to dump equities and emerging markets and flee to safer assets such as government bonds and the dollar.

The MSCI world equity index, which tracks shares in 47 countries, was down 0.5% on Monday and 1.6% since Friday's open as the Turkish lira plunged to a record low, forcing the country's finance minister to announce an economic action plan to ease nerves .

The lira has tumbled on worries over Turkish President Tayyip Erdogan's increasing control over the economy and deteriorating relations with the United States. It fell as much as 12% at one stage on Monday, then recovered to a loss of 7%.

(With Reuters inputs)

First Published: Mon, August 13 2018. 08:15 IST
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MARKET WRAP: Sensex ends 224 pts lower on global cues, fall in bank stocks

Banks were the top losers on Monday, with Nifty PSU Bank index falling over 3%, while Nifty Bank index slipped over 1%

The benchmark indices closed lower taking cues from their global cues amid a weak rupee. The S&P BSE Sensex ended the day at 37,645 down 224 points while the Nifty50 index settled at 11,356 down 74 points.
 
HDFC Bank, down over 1%, was the top drag on the NSE Index after the lender on Friday said its deputy managing director was stepping down. While Nifty Bank index slipped over 1%, the Nifty PSU Bank index, too, ended nearly 3.2% lower.

Rupee at record low

The rupee on Monday touched an all-time low of 69.62 per dollar in early trade, tracking broader weakness in other emerging market currencies on concerns of a spill-over from a crisis-hit Turkey. The Reserve Bank of India was seen intervening to stem a sharp fall in the rupee, two dealers said. READ MORE HERE

Global markets

World markets shuddered on Monday, as Turkey's worsening currency crisis persuaded investors to dump equities and emerging markets and flee to safer assets such as government bonds and the dollar.

The MSCI world equity index, which tracks shares in 47 countries, was down 0.5% on Monday and 1.6% since Friday's open as the Turkish lira plunged to a record low, forcing the country's finance minister to announce an economic action plan to ease nerves .

The lira has tumbled on worries over Turkish President Tayyip Erdogan's increasing control over the economy and deteriorating relations with the United States. It fell as much as 12% at one stage on Monday, then recovered to a loss of 7%.

(With Reuters inputs)

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